SHOP has been the subject of several other research reports. Macquarie set a $52.00 price objective on shares of Shopify and gave the company a buy rating in a research note on Wednesday, September 14th. Robert W. Baird reaffirmed an outperform rating and set a $40.00 price objective (up previously from $34.00) on shares of Shopify in a research note on Thursday, August 4th. Goldman Sachs Group Inc. assumed coverage on shares of Shopify in a research note on Tuesday, October 4th. They set a buy rating and a $53.00 price objective for the company. Morgan Stanley cut shares of Shopify from an overweight rating to an equal weight rating and upped their price objective for the company from $37.00 to $47.00 in a research note on Wednesday, September 28th. They noted that the move was a valuation call. Finally, Monness Crespi & Hardt assumed coverage on shares of Shopify in a research note on Wednesday, June 29th. They issued a buy rating and a $35.00 price target for the company. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $40.84.
Shares of Shopify (NYSE:SHOP) opened at 44.36 on Friday. Shopify has a 1-year low of $18.48 and a 1-year high of $45.20. The company’s market cap is $3.63 billion. The stock’s 50 day moving average is $42.41 and its 200 day moving average is $33.73.
Shopify (NYSE:SHOP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The company earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same quarter in the prior year, the company earned ($0.03) EPS. Shopify’s revenue was up 92.9% compared to the same quarter last year. On average, analysts predict that Shopify will post ($0.15) earnings per share for the current year.
Several large investors have recently made changes to their positions in the stock. FMR LLC raised its stake in shares of Shopify by 32.9% in the second quarter. FMR LLC now owns 9,586,883 shares of the company’s stock worth $294,892,000 after buying an additional 2,370,708 shares during the last quarter. Insight Holdings Group LLC raised its stake in shares of Shopify by 939.0% in the second quarter. Insight Holdings Group LLC now owns 2,444,839 shares of the company’s stock worth $75,203,000 after buying an additional 2,209,539 shares during the last quarter. Abdiel Capital Advisors LP raised its stake in shares of Shopify by 43.5% in the second quarter. Abdiel Capital Advisors LP now owns 2,407,342 shares of the company’s stock worth $74,050,000 after buying an additional 730,195 shares during the last quarter. Whale Rock Capital Management LLC raised its stake in shares of Shopify by 130.3% in the second quarter. Whale Rock Capital Management LLC now owns 989,538 shares of the company’s stock worth $30,438,000 after buying an additional 559,906 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Shopify during the second quarter worth $15,598,000. Institutional investors and hedge funds own 58.80% of the company’s stock.
Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.
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