Shopify’s (SHOP) Outperform Rating Reiterated at Robert W. Baird
Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “outperform” rating reiterated by research analysts at Robert W. Baird in a research report issued to clients and investors on Thursday. They presently have a $110.00 target price on the software maker’s stock. Robert W. Baird’s price target points to a potential upside of 9.53% from the stock’s current price.
Other analysts have also issued research reports about the stock. Vetr lowered shares of Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 target price for the company. in a research note on Thursday, June 22nd. BidaskClub lowered shares of Shopify from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. KeyCorp reiterated an “overweight” rating on shares of Shopify in a research note on Wednesday, August 2nd. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Shopify in a research note on Wednesday, August 9th. Finally, Benchmark Co. assumed coverage on shares of Shopify in a research note on Wednesday, July 12th. They issued a “hold” rating for the company. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Shopify has a consensus rating of “Buy” and a consensus price target of $94.84.
Shares of Shopify (SHOP) traded down 2.78% on Thursday, hitting $100.43. 19,780,742 shares of the stock were exchanged. The stock’s 50-day moving average is $117.81 and its 200-day moving average is $117.81. The stock’s market cap is $9.90 billion. Shopify has a 1-year low of $37.74 and a 1-year high of $123.94. Shopify also was the recipient of unusually large options trading activity on Wednesday. Traders purchased 33,428 put options on the stock. This represents an increase of approximately 960% compared to the typical volume of 3,153 put options.
Shopify (NYSE:SHOP) (TSE:SH) last posted its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The firm had revenue of $151.70 million during the quarter, compared to analyst estimates of $143.94 million. During the same quarter in the prior year, the business posted ($0.04) EPS. The business’s revenue was up 75.2% compared to the same quarter last year. Analysts forecast that Shopify will post ($0.04) earnings per share for the current year.
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Several institutional investors have recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Shopify by 8.5% in the second quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock worth $1,090,644,000 after buying an additional 989,113 shares in the last quarter. Coatue Management LLC purchased a new stake in shares of Shopify in the second quarter worth about $228,174,000. Renaissance Technologies LLC lifted its holdings in shares of Shopify by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock worth $91,732,000 after buying an additional 61,000 shares in the last quarter. Scge Management L.P. lifted its holdings in shares of Shopify by 16.7% in the first quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock worth $69,111,000 after buying an additional 145,000 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC lifted its holdings in shares of Shopify by 36.1% in the second quarter. Zevenbergen Capital Investments LLC now owns 837,955 shares of the software maker’s stock worth $72,818,000 after buying an additional 222,240 shares in the last quarter. 53.77% of the stock is currently owned by hedge funds and other institutional investors.
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.
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