Shopify (NYSE:SHOP) Coverage Initiated at Argus

Analysts at Argus began coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “buy” rating on the software maker’s stock.

A number of other brokerages have also recently commented on SHOP. Pi Financial reissued a “buy” rating and set a $830.00 target price on shares of Shopify in a report on Monday, May 4th. Barclays increased their target price on Shopify from $410.00 to $725.00 and gave the company an “equal weight” rating in a report on Thursday, May 7th. KeyCorp reissued an “overweight” rating and set a $1,000.00 target price (up previously from $805.00) on shares of Shopify in a report on Wednesday, June 24th. They noted that the move was a valuation call. Credit Suisse Group reissued a “neutral” rating on shares of Shopify in a report on Thursday, May 21st. Finally, ValuEngine cut Shopify from a “buy” rating to a “hold” rating in a report on Friday, May 1st. Two investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $687.81.

Shares of SHOP stock opened at $949.20 on Wednesday. The company has a market capitalization of $108.17 billion, a P/E ratio of -818.28 and a beta of 1.53. The business’s 50 day moving average is $796.28 and its two-hundred day moving average is $550.40. The company has a current ratio of 9.45, a quick ratio of 9.45 and a debt-to-equity ratio of 0.04. Shopify has a 12-month low of $282.08 and a 12-month high of $958.76.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Wednesday, May 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.70) by $0.89. Shopify had a negative return on equity of 2.56% and a negative net margin of 7.65%. The company had revenue of $470.00 million for the quarter, compared to the consensus estimate of $442.92 million. During the same quarter in the prior year, the business posted $0.09 earnings per share. Shopify’s revenue for the quarter was up 46.6% on a year-over-year basis. On average, research analysts predict that Shopify will post -1.63 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. purchased a new position in shares of Shopify during the fourth quarter worth $2,037,000. Mn Services Vermogensbeheer B.V. purchased a new position in Shopify in the second quarter valued at $1,120,000. HighTower Advisors LLC purchased a new position in Shopify in the second quarter valued at $321,000. Wedbush Securities Inc. purchased a new position in Shopify in the second quarter valued at $212,000. Finally, Oppenheimer & Co. Inc. boosted its holdings in Shopify by 26.8% in the second quarter. Oppenheimer & Co. Inc. now owns 39,959 shares of the software maker’s stock valued at $3,472,000 after purchasing an additional 8,437 shares during the period. Institutional investors and hedge funds own 60.27% of the company’s stock.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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