Shopify Inc. (SHOP) Stock Rating Reaffirmed by Morgan Stanley
Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “equal weight” rating reaffirmed by equities researchers at Morgan Stanley in a research note issued on Friday. They presently have a $109.00 target price on the software maker’s stock. Morgan Stanley’s price target would indicate a potential upside of 11.32% from the company’s current price.
Other equities research analysts have also recently issued reports about the stock. Vetr cut shares of Shopify from a “strong-buy” rating to a “buy” rating and set a $101.99 price objective for the company. in a report on Thursday, June 22nd. BidaskClub cut shares of Shopify from a “strong-buy” rating to a “buy” rating in a report on Wednesday, June 14th. KeyCorp reiterated an “overweight” rating on shares of Shopify in a report on Wednesday, August 2nd. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Shopify in a report on Wednesday, August 9th. Finally, Benchmark Co. began coverage on shares of Shopify in a report on Wednesday, July 12th. They issued a “hold” rating for the company. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating and twenty-one have assigned a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus target price of $95.51.
Shopify (SHOP) opened at 97.92 on Friday. Shopify has a one year low of $37.74 and a one year high of $123.94. The company has a 50-day moving average price of $115.94 and a 200-day moving average price of $115.94. The firm’s market cap is $9.65 billion.
Shopify (NYSE:SHOP) (TSE:SH) last posted its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. The business had revenue of $151.70 million for 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%. Shopify’s revenue for the quarter was up 75.2% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.04) earnings per share. Equities analysts predict that Shopify will post ($0.04) earnings per share for the current fiscal year.
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Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Seven Bridges Advisors LLC bought a new stake in shares of Shopify during the second quarter valued at approximately $120,000. Advisory Services Network LLC grew its stake in shares of Shopify by 26.6% during the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after purchasing an additional 298 shares during the last quarter. FNY Partners Fund LP bought a new stake in shares of Shopify during the first quarter valued at approximately $102,000. Edmond DE Rothschild Holding S.A. bought a new stake in shares of Shopify during the second quarter valued at approximately $135,000. Finally, SG Americas Securities LLC bought a new stake in shares of Shopify during the first quarter valued at approximately $116,000. 53.77% of the stock is currently 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.
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