Shopify Inc. (NYSE:SHOP) (TSE:SH) has earned a consensus recommendation of “Buy” from the thirty-eight analysts that are currently covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, sixteen have given a hold recommendation, twenty have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $91.78.

A number of analysts have recently weighed in on SHOP shares. Vetr lowered shares of Shopify from a “sell” rating to a “strong sell” rating and set a $73.40 price target for the company. in a research note on Monday, May 8th. Robert W. Baird reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Shopify in a research note on Monday, May 15th. Zacks Investment Research raised shares of Shopify from a “hold” rating to a “buy” rating and set a $101.00 price target for the company in a research note on Friday, July 28th. Mackie reaffirmed a “buy” rating and issued a $95.00 price target (up from $70.00) on shares of Shopify in a research note on Sunday, April 23rd. Finally, BidaskClub lowered shares of Shopify from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nadler Financial Group Inc. raised its position in Shopify by 0.9% in the second quarter. Nadler Financial Group Inc. now owns 3,033 shares of the software maker’s stock valued at $264,000 after buying an additional 28 shares in the last quarter. Private Advisory Group LLC raised its position in Shopify by 3.9% in the second quarter. Private Advisory Group LLC now owns 4,391 shares of the software maker’s stock valued at $382,000 after buying an additional 164 shares in the last quarter. Advisory Services Network LLC raised its position in Shopify by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after buying an additional 298 shares in the last quarter. Tocqueville Asset Management L.P. raised its position in Shopify by 2.1% in the second quarter. Tocqueville Asset Management L.P. now owns 19,200 shares of the software maker’s stock valued at $1,668,000 after buying an additional 400 shares in the last quarter. Finally, State of Tennessee Treasury Department raised its position in Shopify by 1.2% in the second quarter. State of Tennessee Treasury Department now owns 46,703 shares of the software maker’s stock valued at $4,058,000 after buying an additional 550 shares in the last quarter. Hedge funds and other institutional investors own 57.07% of the company’s stock.

Shares of Shopify (NYSE:SHOP) traded up 1.20% on Friday, reaching $94.62. 559,058 shares of the company’s stock were exchanged. The stock’s 50-day moving average price is $92.49 and its 200-day moving average price is $79.20. Shopify has a 1-year low of $37.74 and a 1-year high of $105.79. The company’s market capitalization is $9.33 billion.

Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The company had revenue of $151.70 million during the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business’s revenue for the quarter was up 75.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.04) EPS. Analysts anticipate that Shopify will post ($0.05) EPS for the current fiscal year.

Shopify Company Profile

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

Analyst Recommendations for Shopify (NYSE:SHOP)

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