Shopify Inc. (SHOP) Given Average Recommendation of “Buy” by Analysts
Shopify Inc. (NYSE:SHOP) (TSE:SH) has received a consensus recommendation of “Buy” from the thirty-eight ratings firms that are presently covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-one have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $101.20.
Several research analysts have recently weighed in on the stock. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Shopify in a research note on Tuesday. Piper Jaffray Companies upped their target price on shares of Shopify from $110.00 to $120.00 in a research note on Tuesday. Roth Capital upped their target price on shares of Shopify from $117.00 to $119.00 and gave the company a “buy” rating in a research note on Wednesday. KeyCorp restated an “overweight” rating on shares of Shopify in a research note on Wednesday, August 2nd. Finally, Vetr downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating and set a $101.92 target price for the company. in a research note on Tuesday, July 11th.
Several hedge funds have recently added to or reduced their stakes in SHOP. Coatue Management LLC acquired a new stake in shares of Shopify in the 2nd quarter worth about $228,174,000. FMR LLC increased its holdings in shares of Shopify by 8.5% in the 2nd quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock worth $1,090,644,000 after acquiring an additional 989,113 shares during the period. Baillie Gifford & Co. acquired a new stake in shares of Shopify in the 3rd quarter worth about $109,344,000. Public Sector Pension investment Board acquired a new stake in shares of Shopify in the 2nd quarter worth about $40,637,000. Finally, Franklin Resources Inc. increased its holdings in shares of Shopify by 1,871.5% in the 2nd quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock worth $34,607,000 after acquiring an additional 378,050 shares during the period. 55.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of Shopify (SHOP) traded down 2.96% during midday trading on Wednesday, hitting $96.55. 2,400,119 shares of the stock were exchanged. The firm has a 50 day moving average of $108.32 and a 200 day moving average of $108.58. The firm’s market cap is $9.52 billion. Shopify has a 12-month low of $37.74 and a 12-month high of $123.94.
Shopify (NYSE:SHOP) (TSE:SH) last announced its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.20) by $0.05. The business had revenue of $151.70 million during the quarter, compared to the consensus estimate 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 quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) earnings per share. Equities analysts forecast that Shopify will post ($0.04) EPS for the current fiscal year.
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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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