Royal Bank Of Canada Raises Shopify Inc. (SHOP) Price Target to $132.50
Shopify Inc. (NYSE:SHOP) (TSE:SH) had its price objective raised by research analysts at Royal Bank Of Canada from $99.00 to $132.50 in a report released on Wednesday. The brokerage presently has a “sector perform” rating on the software maker’s stock. Royal Bank Of Canada’s target price would indicate a potential upside of 33.18% from the stock’s previous close.
A number of other research firms have also recently weighed in on SHOP. Piper Jaffray Companies reaffirmed a “buy” rating and set a $110.00 price objective on shares of Shopify in a research report on Friday, October 6th. BidaskClub cut shares of Shopify from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, July 5th. Macquarie increased their price objective on shares of Shopify from $121.00 to $146.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 20th. Robert W. Baird reaffirmed an “outperform” rating and set a $95.00 price objective on shares of Shopify in a research report on Tuesday, July 18th. Finally, Barclays PLC reaffirmed an “equal weight” rating and set a $90.00 price objective (up previously from $70.00) on shares of Shopify in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-two have issued a buy rating to the company. Shopify presently has an average rating of “Buy” and a consensus target price of $99.37.
Shares of Shopify (SHOP) traded down 3.00% on Wednesday, hitting $96.51. The company’s stock had a trading volume of 4,828,963 shares. The firm’s market cap is $9.51 billion. Shopify has a one year low of $37.74 and a one year high of $123.94. The stock has a 50-day moving average price of $108.32 and a 200 day moving average price of $108.58.
Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate 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 business’s revenue was up 75.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.04) EPS. Equities research analysts predict that Shopify will post ($0.04) EPS for the current year.
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Hedge funds have recently added to or reduced their stakes in the stock. Mn Services Vermogensbeheer B.V. purchased a new stake in Shopify during the second quarter worth about $1,120,000. HighTower Advisors LLC purchased a new stake in Shopify during the second quarter worth about $321,000. Wedbush Securities Inc. purchased a new stake in Shopify during the second quarter worth about $212,000. Oppenheimer & Co. Inc. boosted its holdings in Shopify by 26.8% during the second quarter. Oppenheimer & Co. Inc. now owns 39,959 shares of the software maker’s stock worth $3,472,000 after buying an additional 8,437 shares in the last quarter. Finally, Barton Investment Management boosted its holdings in Shopify by 13.0% during the second quarter. Barton Investment Management now owns 259,650 shares of the software maker’s stock worth $22,564,000 after buying an additional 29,830 shares in the last quarter. 55.03% of the stock is currently owned by hedge funds and other institutional investors.
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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