Shopify Inc. (SHOP) Lifted to Strong-Buy at Vetr Inc.
Vetr upgraded shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) from a buy rating to a strong-buy rating in a report published on Monday morning. The brokerage currently has $102.78 price objective on the software maker’s stock.
Several other equities analysts have also commented on SHOP. Pacific Crest boosted their price target on Shopify from $66.00 to $78.00 and gave the stock an overweight rating in a research report on Tuesday, March 21st. BTIG Research reissued a buy rating and set a $75.00 price target (up from $65.00) on shares of Shopify in a research report on Tuesday, March 21st. Barclays PLC started coverage on Shopify in a research report on Tuesday, March 28th. They issued an equal weight rating and a $64.00 target price on the stock. Wedbush reaffirmed an outperform rating and issued a $85.00 target price (up from $75.00) on shares of Shopify in a research report on Friday, April 21st. Finally, Mackie reaffirmed a buy rating and issued a $95.00 target price (up from $70.00) on shares of Shopify in a research report on Sunday, April 23rd. Two research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Shopify presently has a consensus rating of Buy and a consensus price target of $79.13.
Shares of Shopify (SHOP) traded down 0.76% during mid-day trading on Monday, hitting $90.18. 690,343 shares of the stock traded hands. Shopify has a one year low of $31.83 and a one year high of $100.80. The stock has a 50 day moving average price of $90.99 and a 200-day moving average price of $73.02. The company’s market cap is $8.24 billion.
Shopify (NYSE:SHOP) (TSE:SH) last released its quarterly earnings results on Tuesday, May 2nd. The software maker reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.22) by $0.07. The firm had revenue of $127.40 million for the quarter, compared to analyst estimates of $121.67 million. Shopify had a negative return on equity of 11.26% and a negative net margin of 9.01%. Shopify’s revenue for the quarter was up 75.2% on a year-over-year basis. During the same period in the previous year, the company posted ($0.06) EPS. On average, analysts forecast that Shopify will post ($0.14) earnings per share for the current fiscal year.
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Large investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new stake in shares of Shopify during the fourth quarter valued at approximately $2,037,000. A.R.T. Advisors LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $265,000. AQR Capital Management LLC bought a new stake in shares of Shopify during the fourth quarter valued at approximately $203,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Shopify by 55.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 4,511 shares of the software maker’s stock valued at $193,000 after buying an additional 1,608 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Shopify during the fourth quarter valued at approximately $14,251,000. 61.34% of the stock is owned by institutional investors and hedge funds.
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.
To view Vetr’s full report, visit Vetr’s official website.
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