Shopify Inc. (SHOP) Lowered to Hold at Vetr Inc.
Vetr downgraded shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) from a buy rating to a hold rating in a report released on Tuesday. The firm currently has $120.91 target price on the software maker’s stock.
A number of other research analysts also recently weighed in on the stock. CSFB reiterated an outperform rating and issued a $128.00 price objective on shares of Shopify in a research report on Tuesday, May 23rd. Robert W. Baird reiterated an outperform rating and issued a $95.00 price objective on shares of Shopify in a research report on Monday, May 15th. Credit Suisse Group reiterated an outperform rating and issued a $95.00 price objective on shares of Shopify in a research report on Tuesday, May 23rd. Industrial Alliance Securities upped their price objective on shares of Shopify from $87.00 to $134.00 and gave the stock a buy rating in a research report on Friday, May 26th. Finally, Zacks Investment Research upgraded shares of Shopify from a hold rating to a buy rating and set a $101.00 price objective for the company in a research report on Friday, July 28th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the stock. Shopify currently has a consensus rating of Buy and a consensus target price of $93.20.
Shares of Shopify (NYSE:SHOP) opened at 120.26 on Tuesday. Shopify has a 52 week low of $37.74 and a 52 week high of $122.50. The firm has a 50-day moving average price of $119.63 and a 200-day moving average price of $93.00. The stock’s market cap is $11.85 billion.
Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.05. The business had revenue of $151.70 million during the quarter, compared to the consensus estimate of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue was up 75.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. On average, equities analysts anticipate that Shopify will post ($0.05) earnings per share for the current year.
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A number of hedge funds and other institutional investors have recently made changes to their positions in SHOP. Coatue Management LLC purchased a new stake in Shopify during the 2nd quarter valued at about $228,174,000. FMR LLC grew its stake in Shopify by 8.5% during the 2nd quarter. FMR LLC now owns 12,560,797 shares of the software maker’s stock valued at $1,090,644,000 after acquiring an additional 989,113 shares in the last quarter. Public Sector Pension investment Board purchased a new stake in Shopify during the 2nd quarter valued at about $40,637,000. Franklin Resources Inc. grew its stake in Shopify by 1,871.5% during the 2nd quarter. Franklin Resources Inc. now owns 398,250 shares of the software maker’s stock valued at $34,607,000 after acquiring an additional 378,050 shares in the last quarter. Finally, Toronto Dominion Bank grew its stake in Shopify by 21,678.2% during the 2nd quarter. Toronto Dominion Bank now owns 354,985 shares of the software maker’s stock valued at $30,821,000 after acquiring an additional 353,355 shares in the last quarter. 53.78% of the stock is owned by institutional investors.
Shopify Company Profile
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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