Several other brokerages have also issued reports on SHOP. Goldman Sachs Group Inc. began coverage on Shopify in a research note on Tuesday, October 4th. They issued a buy rating and a $53.00 target price on the stock. Morgan Stanley lowered Shopify from an overweight rating to an equal weight rating and boosted their target price 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. Macquarie restated an outperform rating and issued a $67.00 target price (up from $59.00) on shares of Shopify in a research note on Wednesday, August 24th. TheStreet began coverage on Shopify in a research note on Thursday, June 23rd. They issued a sell rating on the stock. Finally, KeyCorp restated a buy rating and issued a $43.00 target price (up from $40.00) on shares of Shopify in a research note on Monday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $40.84.
Shopify (NYSE:SHOP) opened at 42.39 on Friday. Shopify has a one year low of $18.48 and a one year high of $45.20. The firm has a 50-day moving average price of $42.47 and a 200-day moving average price of $34.07. The firm’s market capitalization is $3.47 billion.
Shopify (NYSE:SHOP) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.08) by $0.04. The business had revenue of $86.36 million for the quarter, compared to analyst estimates of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. Shopify’s quarterly revenue was up 92.9% compared to the same quarter last year. During the same period last year, the company posted ($0.03) earnings per share. Analysts expect that Shopify will post ($0.15) EPS for the current year.
Several institutional investors have recently bought and sold shares of the company. Insight Holdings Group LLC boosted its position in 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. Bayesian Capital Management LP purchased a new position in Shopify during the first quarter worth about $238,000. Stephens Investment Management Group LLC purchased a new position in Shopify during the second quarter worth about $13,921,000. Macquarie Group Ltd. purchased a new position in Shopify during the second quarter worth about $1,737,000. Finally, I.G. Investment Management LTD. boosted its position in Shopify by 12.2% in the second quarter. I.G. Investment Management LTD. now owns 182,470 shares of the company’s stock worth $5,613,000 after buying an additional 19,903 shares during the last quarter. Hedge funds and other institutional investors 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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