Shopify Inc. (SHOP) Downgraded by BidaskClub
BidaskClub cut shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) from a strong-buy rating to a buy rating in a research note issued to investors on Friday.
Other analysts have also recently issued reports about the company. Vetr cut Shopify from a strong-buy rating to a buy rating and set a $101.92 price target for the company. in a research note on Tuesday, July 11th. Roth Capital upped their price target on Shopify from $92.00 to $101.00 and gave the company a buy rating in a research note on Wednesday, July 26th. Zacks Investment Research raised Shopify from a hold rating to a buy rating and set a $101.00 price target for the company in a research note on Friday, July 28th. Canaccord Genuity reaffirmed a buy rating and issued a $115.00 price target (up from $90.00) on shares of Shopify in a research note on Wednesday, August 2nd. Finally, Piper Jaffray Companies reaffirmed a buy rating and issued a $110.00 price target on shares of Shopify in a research note on Tuesday, September 5th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty-one have given a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $95.51.
Shopify (NYSE:SHOP) opened at 97.92 on Friday. The stock’s 50 day moving average is $115.94 and its 200 day moving average is $115.94. Shopify has a 52-week low of $37.74 and a 52-week high of $123.94. The company’s market cap is $9.65 billion.
Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. The company had revenue of $151.70 million during the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. Shopify’s revenue was up 75.2% on a year-over-year basis. During the same period in the prior year, the business posted ($0.04) EPS. Equities research analysts forecast that Shopify will post ($0.04) earnings per share for the current year.
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A number of hedge funds have recently bought and sold shares of the business. FMR LLC increased its position in Shopify by 8.5% during the 2nd quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock worth $1,090,644,000 after buying an additional 989,113 shares during the period. Coatue Management LLC acquired a new stake in shares of Shopify during the 2nd quarter worth $228,174,000. Renaissance Technologies LLC grew its holdings in shares of Shopify by 4.7% during the 1st quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock worth $91,732,000 after purchasing an additional 61,000 shares in the last quarter. Scge Management L.P. grew its holdings in shares of Shopify by 16.7% during the 1st quarter. Scge Management L.P. now owns 1,015,000 shares of the software maker’s stock worth $69,111,000 after purchasing an additional 145,000 shares in the last quarter. Finally, Zevenbergen Capital Investments LLC grew its holdings in shares of Shopify by 36.1% during the 2nd quarter. Zevenbergen Capital Investments LLC now owns 837,955 shares of the software maker’s stock worth $72,818,000 after purchasing an additional 222,240 shares in the last quarter. Hedge funds and other institutional investors own 53.77% of the company’s stock.
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.
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