Barclays Raises Shopify (NYSE:SHOP) Price Target to $1,040.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective lifted by Barclays from $960.00 to $1,040.00 in a research report released on Thursday morning, The Fly reports. The firm currently has an equal weight rating on the software maker’s stock.

SHOP has been the subject of several other research reports. Goldman Sachs Group upgraded shares of Shopify from a neutral rating to a buy rating and set a $1,127.00 price target for the company in a research report on Tuesday, July 28th. Wells Fargo & Co upped their price target on shares of Shopify from $700.00 to $1,000.00 and gave the stock a hold rating in a research report on Thursday. National Bank Financial upped their price target on shares of Shopify from $850.00 to $1,250.00 and gave the stock an outperform rating in a research report on Tuesday, July 14th. Rosenblatt Securities restated a buy rating and set a $860.00 price target on shares of Shopify in a research report on Thursday, May 28th. Finally, Bank of America restated a sell rating and set a $900.00 price target on shares of Shopify in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, nineteen have given a hold rating and eleven have assigned a buy rating to the company’s stock. Shopify currently has a consensus rating of Hold and an average target price of $927.71.

Shares of Shopify stock opened at $1,024.00 on Thursday. The firm has a 50-day simple moving average of $935.14 and a two-hundred day simple moving average of $641.42. The company has a market cap of $120.08 billion, a P/E ratio of 14,628.57 and a beta of 1.61. Shopify has a fifty-two week low of $282.08 and a fifty-two week high of $1,107.92.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, July 29th. The software maker reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $1.04. The business had revenue of $714.34 million during the quarter, compared to the consensus estimate of $511.56 million. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The company’s revenue was up 97.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.10 earnings per share. As a group, sell-side analysts expect that Shopify will post -1.56 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. Cetera Advisor Networks LLC grew its stake in shares of Shopify by 0.5% in the 1st quarter. Cetera Advisor Networks LLC now owns 2,707 shares of the software maker’s stock valued at $1,129,000 after buying an additional 14 shares during the period. Baldwin Investment Management LLC grew its stake in shares of Shopify by 1.1% in the 1st quarter. Baldwin Investment Management LLC now owns 1,516 shares of the software maker’s stock valued at $632,000 after buying an additional 16 shares during the period. New Capital Management LP grew its stake in shares of Shopify by 180.0% in the 2nd quarter. New Capital Management LP now owns 28 shares of the software maker’s stock valued at $27,000 after buying an additional 18 shares during the period. Asset Dedication LLC grew its stake in shares of Shopify by 20.0% in the 1st quarter. Asset Dedication LLC now owns 120 shares of the software maker’s stock valued at $50,000 after buying an additional 20 shares during the period. Finally, Osborn Williams & Donohoe LLC grew its stake in shares of Shopify by 4.0% in the 1st quarter. Osborn Williams & Donohoe LLC now owns 525 shares of the software maker’s stock valued at $219,000 after buying an additional 20 shares during the period. 60.17% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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