Piper Jaffray Companies Reaffirms Overweight Rating for Shopify Inc. (SHOP)
Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “overweight” rating restated by research analysts at Piper Jaffray Companies in a research report issued on Tuesday, August 1st, Marketbeat reports. They currently have a $110.00 price objective on the software maker’s stock, up from their previous price objective of $85.00. Piper Jaffray Companies’ target price points to a potential upside of 19.94% from the stock’s previous close.
A number of other brokerages have also issued reports on SHOP. Robert W. Baird restated an “outperform” rating and issued a $95.00 price target on shares of Shopify in a research note on Monday, May 15th. BidaskClub lowered shares of Shopify from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 25th. Roth Capital lifted their price target on shares of Shopify from $82.00 to $92.00 and gave the stock a “buy” rating in a research note on Monday, May 15th. William Blair restated a “market perform” rating on shares of Shopify in a research note on Thursday, July 13th. Finally, Vetr raised shares of Shopify from a “buy” rating to a “strong-buy” rating and set a $102.78 price objective for the company in a report on Monday, July 31st. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $88.33.
Shares of Shopify (NYSE:SHOP) traded up 3.74% on Tuesday, reaching $91.71. 1,951,120 shares of the company traded hands. The company has a 50-day moving average of $92.14 and a 200-day moving average of $77.97. The stock’s market capitalization is $9.04 billion. Shopify has a 1-year low of $37.00 and a 1-year high of $105.79.
Shopify (NYSE:SHOP) (TSE:SH) last posted its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.05. The company had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The business’s quarterly revenue was up 75.2% on a year-over-year basis. During the same quarter last year, the firm posted ($0.04) earnings per share. Analysts anticipate that Shopify will post ($0.05) earnings per share for the current fiscal year.
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Hedge funds have recently bought and sold shares of the company. Nadler Financial Group Inc. increased its stake in Shopify by 0.9% in the second quarter. Nadler Financial Group Inc. now owns 3,033 shares of the software maker’s stock valued at $264,000 after buying an additional 28 shares during the last quarter. Tocqueville Asset Management L.P. increased its stake in Shopify by 2.1% in the second quarter. Tocqueville Asset Management L.P. now owns 19,200 shares of the software maker’s stock valued at $1,668,000 after buying an additional 400 shares during the last quarter. State of Tennessee Treasury Department increased its stake in Shopify by 1.2% in the second quarter. State of Tennessee Treasury Department now owns 46,703 shares of the software maker’s stock valued at $4,058,000 after buying an additional 550 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in Shopify by 6.9% in the second quarter. Janney Montgomery Scott LLC now owns 9,001 shares of the software maker’s stock valued at $782,000 after buying an additional 581 shares during the last quarter. Finally, Toronto Dominion Bank increased its stake in Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock valued at $111,000 after buying an additional 973 shares during the last quarter. Hedge funds and other institutional investors own 61.47% of the company’s stock.
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.
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