Macquarie set a $52.00 price objective on Shopify Inc. (NYSE:SHOP) in a report released on Wednesday morning. The firm currently has a a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Monness Crespi & Hardt increased their target price on shares of Shopify from $35.00 to $39.00 and gave the company a buy rating in a research note on Wednesday, August 3rd. Piper Jaffray Cos. reiterated a buy rating and issued a $32.00 target price on shares of Shopify in a research note on Monday, July 18th. Zacks Investment Research upgraded shares of Shopify from a hold rating to a buy rating and set a $36.00 target price for the company in a research note on Tuesday, July 12th. KeyCorp reiterated a buy rating and issued a $37.00 target price on shares of Shopify in a research note on Wednesday, June 29th. Finally, Canaccord Genuity reiterated a buy rating and issued a $38.00 target price on shares of Shopify in a research note on Thursday, May 26th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company. Shopify currently has an average rating of Buy and a consensus price target of $39.51.

Shopify (NYSE:SHOP) opened at 42.95 on Wednesday. The firm’s market capitalization is $3.51 billion. Shopify has a 12 month low of $18.48 and a 12 month high of $44.87. The stock’s 50 day moving average price is $40.19 and its 200 day moving average price is $32.12.

Shopify (NYSE:SHOP) last released its quarterly earnings results on Wednesday, August 3rd. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.04. Shopify had a negative net margin of 10.03% and a negative return on equity of 14.67%. The company earned $86.36 million during the quarter, compared to analysts’ expectations of $80.62 million. During the same period in the prior year, the company earned ($0.03) earnings per share. The business’s quarterly revenue was up 92.9% compared to the same quarter last year. On average, analysts forecast that Shopify will post ($0.15) earnings per share for the current year.

Institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new position in shares of Shopify during the second quarter worth $104,000. Amica Retiree Medical Trust boosted its position in shares of Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock worth $114,000 after buying an additional 1,652 shares in the last quarter. Bayesian Capital Management LP purchased a new position in shares of Shopify during the first quarter worth $238,000. Tocqueville Asset Management L.P. purchased a new position in shares of Shopify during the second quarter worth $246,000. Finally, Vanguard Group Inc. purchased a new position in shares of Shopify during the second quarter worth $247,000. 63.23% of the stock is currently owned by institutional investors.

About Shopify

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.

5 Day Chart for NYSE:SHOP

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