Analysts at CIBC started coverage on shares of Shopify Inc. (NYSE:SHOP) in a note issued to investors on Thursday. The firm set a “sector outperform” rating on the stock.
SHOP has been the topic of a number of other reports. Morgan Stanley cut Shopify from an “overweight” rating to an “equal weight” rating and increased their price target for the stock from $37.00 to $47.00 in a research report on Wednesday. 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 report on Wednesday, August 24th. Pacific Crest restated a “buy” rating on shares of Shopify in a research report on Monday, August 22nd. TheStreet assumed coverage on Shopify in a research report 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 report on Monday, August 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. Shopify currently has an average rating of “Buy” and a consensus target price of $40.20.
Shares of Shopify (NYSE:SHOP) traded up 0.49% during mid-day trading on Thursday, hitting $42.96. The stock had a trading volume of 666,415 shares. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20. The company has a 50 day moving average price of $41.58 and a 200 day moving average price of $32.95. The firm’s market cap is $3.51 billion.
Shopify (NYSE:SHOP) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.04. The business had revenue of $86.36 million for the quarter, compared to analysts’ expectations of $80.62 million. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The business’s quarterly revenue was up 92.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.03) EPS. Equities analysts forecast that Shopify will post ($0.15) earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the company. FMR LLC boosted 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 valued at $294,892,000 after buying an additional 2,370,708 shares during the period. Insight Holdings Group LLC boosted 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 valued at $75,203,000 after buying an additional 2,209,539 shares during the period. Abdiel Capital Advisors LP boosted 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 valued at $74,050,000 after buying an additional 730,195 shares during the period. Whale Rock Capital Management LLC boosted 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 valued at $30,438,000 after buying an additional 559,906 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Shopify during the second quarter valued at approximately $15,598,000. 58.80% of the stock is owned by institutional investors and hedge funds.
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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