Shopify Inc. (SHOP) Given “Outperform” Rating at Robert W. Baird
Several other equities analysts have also commented on SHOP. Morgan Stanley lowered shares of Shopify from an overweight rating to an equal weight rating and upped their price objective for the stock from $37.00 to $47.00 in a report on Wednesday, September 28th. They noted that the move was a valuation call. Macquarie set a $52.00 target price on Shopify and gave the company a buy rating in a research report on Wednesday, September 14th. CIBC started coverage on Shopify in a research note on Thursday, September 29th. They set a sector outperform rating on the stock. Rosenblatt Securities restated a buy rating and set a $50.00 price target on shares of Shopify in a research report on Thursday, January 5th. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $50.00 price objective on shares of Shopify in a research note on Wednesday, November 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and twenty have assigned a buy rating to the company. The stock has a consensus rating of Buy and a consensus target price of $47.44.
Shopify (NYSE:SHOP) traded down 0.99% during mid-day trading on Thursday, hitting $48.10. 1,054,174 shares of the company’s stock traded hands. The stock’s market cap is $4.28 billion. The firm’s 50-day moving average price is $42.98 and its 200-day moving average price is $40.13. Shopify has a one year low of $18.48 and a one year high of $49.43.
Shopify (NYSE:SHOP) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.03) by $0.01. The firm had revenue of $99.60 million for the quarter, compared to analyst estimates of $94.62 million. Shopify had a negative net margin of 9.96% and a negative return on equity of 13.30%. Shopify’s revenue was up 88.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.03) EPS. On average, analysts forecast that Shopify will post ($0.14) EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of SHOP. FMR LLC boosted its position 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 in the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Shopify by 35.6% in the third quarter. Price T Rowe Associates Inc. MD now owns 4,191,007 shares of the company’s stock valued at $179,878,000 after buying an additional 1,099,614 shares during the last quarter. Abdiel Capital Advisors LP increased 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 last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Shopify by 53.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,635,131 shares of the company’s stock valued at $70,033,000 after buying an additional 569,800 shares during the last quarter. Finally, Whale Rock Capital Management LLC increased its stake in shares of Shopify by 41.8% in the third quarter. Whale Rock Capital Management LLC now owns 1,402,861 shares of the company’s stock valued at $60,211,000 after buying an additional 413,323 shares during the last quarter. 68.96% of the stock is currently owned by institutional investors.
Shopify Company Profile
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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