Shopify Inc. (SHOP) Downgraded by BidaskClub to “Buy”

BidaskClub cut shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) from a strong-buy rating to a buy rating in a research report report published on Friday morning.

A number of other equities research analysts have also recently commented on SHOP. Vetr upgraded shares of Shopify from a buy rating to a strong-buy rating and set a $106.76 target price for the company in a research report on Monday, June 12th. Goldman Sachs Group, Inc. (The) cut shares of Shopify from a buy rating to a neutral rating and reduced their target price for the company from $100.80 to $96.00 in a research report on Tuesday, June 13th. Stephens reiterated an equal weight rating and issued a $97.00 target price on shares of Shopify in a research report on Friday, June 23rd. SunTrust Banks, Inc. started coverage on shares of Shopify in a research report on Monday, June 26th. They issued a hold rating and a $90.00 target price for the company. Finally, Robert W. Baird reiterated an outperform rating on shares of Shopify in a research report on Monday, July 3rd. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Shopify presently has an average rating of Buy and an average price target of $95.51.

Shares of Shopify (NYSE SHOP) opened at 97.38 on Friday. The company’s market capitalization is $9.60 billion. Shopify has a 12-month low of $37.74 and a 12-month high of $123.94. The stock has a 50 day moving average of $115.06 and a 200-day moving average of $115.06.

Shopify (NYSE:SHOP) (TSE:SH) last posted its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The business had revenue of $151.70 million for the quarter, compared to the consensus estimate of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue was up 75.2% compared to the same quarter last year. During the same period last year, the firm posted ($0.04) earnings per share. Equities research analysts forecast that Shopify will post ($0.04) EPS for the current year.

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Hedge funds have recently made changes to their positions in the business. FNY Partners Fund LP purchased a new position in Shopify during the first quarter worth about $102,000. SG Americas Securities LLC purchased a new position in Shopify during the first quarter worth about $116,000. Seven Bridges Advisors LLC purchased a new position in Shopify during the second quarter worth about $120,000. Advisory Services Network LLC boosted its stake in Shopify by 26.6% during the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after buying an additional 298 shares during the period. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in Shopify during the second quarter worth about $135,000. 53.77% of the stock is owned by institutional investors.

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.

Analyst Recommendations for Shopify (NYSE:SHOP)

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