Shopify Inc. (SHOP) Earns “Buy” Rating from Piper Jaffray Companies
Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “buy” rating restated by analysts at Piper Jaffray Companies in a report issued on Friday. They currently have a $110.00 price target on the software maker’s stock. Piper Jaffray Companies’ target price would suggest a potential upside of 9.53% from the stock’s previous close.
Several other brokerages have also commented on SHOP. Vetr upgraded shares of Shopify from a “buy” rating to a “strong-buy” rating and set a $106.76 price target on the stock in a research note on Monday, June 12th. Goldman Sachs Group, Inc. (The) lowered shares of Shopify from a “buy” rating to a “neutral” rating and dropped their price target for the company from $100.80 to $96.00 in a research note on Tuesday, June 13th. BidaskClub lowered shares of Shopify from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, June 14th. Stephens restated an “equal weight” rating and issued a $97.00 price target on shares of Shopify in a research note on Friday, June 23rd. Finally, SunTrust Banks, Inc. started coverage on shares of Shopify in a research note on Monday, June 26th. They issued a “hold” rating and a $90.00 price target on the stock. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating and twenty-one have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average price target of $95.51.
Shares of Shopify (NYSE:SHOP) traded down 3.20% during trading on Friday, reaching $97.22. The company had a trading volume of 6,376,756 shares. The stock’s market capitalization is $9.58 billion. Shopify has a 52-week low of $37.74 and a 52-week high of $123.94. The stock has a 50 day moving average of $116.89 and a 200 day moving average of $116.89. Shopify also was the recipient of unusually large options trading activity on Wednesday. Stock traders acquired 33,428 put options on the stock. This represents an increase of approximately 960% compared to the average volume of 3,153 put options.
Shopify (NYSE:SHOP) (TSE:SH) last released its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the consensus estimate of ($0.20) by $0.05. The firm had revenue of $151.70 million for 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%. Shopify’s quarterly revenue was up 75.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.04) earnings per share. Equities research analysts forecast that Shopify will post ($0.04) EPS for the current year.
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A number of large investors have recently modified their holdings of the stock. FMR LLC boosted its holdings in Shopify by 8.5% during 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 bought a new stake in Shopify during the second quarter worth approximately $228,174,000. Renaissance Technologies LLC boosted its holdings in Shopify by 4.7% during 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. boosted its holdings in Shopify by 16.7% during 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 boosted its holdings in Shopify by 36.1% during 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. Hedge funds and other institutional investors own 53.77% of the company’s stock.
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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