Investment analysts at Benchmark Co. started coverage on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a research report issued on Wednesday, July 12th, MarketBeat Ratings reports. The firm set a “hold” rating on the software maker’s stock.
SHOP has been the topic of several other research reports. Vetr cut shares of Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 price target on the stock. in a research note on Thursday, June 22nd. Roth Capital restated a “buy” rating and issued a $92.00 target price (up from $82.00) on shares of Shopify in a report on Friday, May 5th. Barclays PLC boosted their target price on shares of Shopify from $64.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, May 3rd. BidaskClub downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 5th. Finally, Robert W. Baird reiterated an “outperform” rating on shares of Shopify in a report on Monday, July 3rd. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $88.33.
Shopify (SHOP) traded down 1.31% on Wednesday, hitting $96.51. The company had a trading volume of 1,466,779 shares. Shopify has a one year low of $37.00 and a one year high of $105.79. The company’s market capitalization is $9.51 billion. The stock’s 50-day moving average price is $91.55 and its 200 day moving average price is $76.40.
Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business had revenue of $151.70 million for the quarter, compared to analysts’ expectations of $143.94 million. During the same quarter last year, the company posted ($0.04) EPS. The company’s revenue was up 75.2% compared to the same quarter last year. On average, analysts expect that Shopify will post ($0.05) EPS for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Morgan Stanley boosted its position in shares of Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after buying an additional 348,254 shares during the period. Norges Bank acquired a new position in shares of Shopify during the fourth quarter worth $14,251,000. Steadfast Capital Management LP acquired a new position in shares of Shopify during the first quarter worth $21,630,000. TD Asset Management Inc. boosted its position in shares of Shopify by 96.7% in the second quarter. TD Asset Management Inc. now owns 607,330 shares of the software maker’s stock worth $52,657,000 after buying an additional 298,510 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Shopify during the second quarter worth $19,043,000. Institutional investors and hedge funds own 61.47% of the company’s stock.
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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