Wedbush Reaffirms Outperform Rating for Shopify Inc. (SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “outperform” rating reissued by stock analysts at Wedbush in a report issued on Tuesday. They presently have a $115.00 target price on the software maker’s stock, up from their previous target price of $100.00. Wedbush’s target price indicates a potential upside of 19.16% from the stock’s previous close.

Other research analysts have also issued reports about the company. Canaccord Genuity reiterated a “buy” rating and set a $90.00 price target (up from $68.00) on shares of Shopify in a report on Tuesday, May 2nd. Roth Capital set a $82.00 price target on Shopify and gave the stock a “buy” rating in a report on Tuesday, April 25th. Mackie reiterated a “buy” rating and set a $95.00 price target (up from $70.00) on shares of Shopify in a report on Sunday, April 23rd. Vetr lowered Shopify from a “strong-buy” rating to a “buy” rating and set a $78.85 price target for the company. in a report on Friday, April 14th. Finally, Eight Capital upgraded Shopify from a “neutral” rating to a “buy” rating in a report on Wednesday, May 3rd. One research analyst has rated the stock with a sell rating, seventeen have given a hold rating and twenty have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $88.33.

Shopify (SHOP) traded down 1.31% on Tuesday, reaching $96.51. 1,466,581 shares of the company traded hands. Shopify has a 52-week low of $37.00 and a 52-week high of $105.79. The firm has a 50 day moving average price of $91.55 and a 200 day moving average price of $76.40. The stock’s market capitalization is $9.51 billion.

Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $143.94 million. During the same period in the previous year, the company earned ($0.04) earnings per share. The company’s quarterly revenue was up 75.2% compared to the same quarter last year. Equities research analysts predict that Shopify will post ($0.05) EPS for the current year.

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Several hedge funds have recently made changes to their positions in SHOP. Mn Services Vermogensbeheer B.V. acquired a new stake in shares of Shopify during the second quarter valued at approximately $1,120,000. Barton Investment Management boosted its stake in shares of Shopify by 13.0% in the second quarter. Barton Investment Management now owns 259,650 shares of the software maker’s stock valued at $22,564,000 after buying an additional 29,830 shares during the last quarter. Toronto Dominion Bank boosted its stake in shares of Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock valued at $111,000 after buying an additional 973 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Shopify by 291.5% in the first quarter. Goldman Sachs Group Inc. now owns 157,218 shares of the software maker’s stock valued at $10,705,000 after buying an additional 117,062 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Shopify by 149.6% in the first quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the software maker’s stock valued at $230,000 after buying an additional 2,032 shares during the last quarter. Institutional investors own 61.47% of the company’s stock.

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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