Shopify Inc. (SHOP) Earns “Equal Weight” Rating from Morgan Stanley

Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “equal weight” rating reiterated by equities researchers at Morgan Stanley in a research report issued on Friday, October 6th. They presently have a $109.00 target price on the software maker’s stock. Morgan Stanley’s target price suggests a potential upside of 10.18% from the company’s previous close.

A number of other equities analysts have also commented on SHOP. Vetr upgraded Shopify from a “buy” rating to a “strong-buy” rating and set a $106.76 price objective on the stock in a research note on Monday, June 12th. Goldman Sachs Group, Inc. (The) downgraded 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 report on Tuesday, June 13th. BidaskClub downgraded Shopify from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. Stephens reaffirmed an “equal weight” rating and issued a $97.00 target price on shares of Shopify in a report on Friday, June 23rd. Finally, SunTrust Banks, Inc. started coverage on Shopify in a report on Monday, June 26th. They issued a “hold” rating and a $90.00 target price on the stock. One analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $97.09.

Shares of Shopify (NYSE:SHOP) opened at 98.93 on Friday. The stock’s 50 day moving average price is $110.16 and its 200-day moving average price is $110.16. The company’s market capitalization is $9.75 billion. Shopify has a 52-week low of $37.74 and a 52-week high of $123.94.

Shopify (NYSE:SHOP) (TSE:SH) last announced its earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The company had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. During the same quarter last year, the company earned ($0.04) earnings per share. The firm’s quarterly revenue was up 75.2% compared to the same quarter last year. On average, analysts expect that Shopify will post ($0.04) earnings per share for the current year.

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Several institutional investors have recently added to or reduced their stakes in SHOP. Coatue Management LLC bought a new position in Shopify in the second quarter valued at $228,174,000. FMR LLC boosted its position in Shopify by 8.5% during the second quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock valued at $1,090,644,000 after buying an additional 989,113 shares during the period. Public Sector Pension investment Board purchased a new stake in Shopify during the second quarter valued at about $40,637,000. Franklin Resources Inc. boosted its position in Shopify by 1,871.5% during the second quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock valued at $34,607,000 after buying an additional 378,050 shares during the period. Finally, Toronto Dominion Bank boosted its position in Shopify by 21,678.2% during the second quarter. Toronto Dominion Bank now owns 354,985 shares of the software maker’s stock valued at $30,821,000 after buying an additional 353,355 shares during the period. 53.77% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

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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