Shopify (NYSE:SHOP) (TSE:SHOP) had its price target increased by Robert W. Baird from $1,100.00 to $1,200.00 in a research report released on Thursday morning, The Fly reports.
Other research analysts have also issued reports about the company. Credit Suisse Group boosted their target price on Shopify from $700.00 to $850.00 and gave the stock a neutral rating in a report on Thursday, July 23rd. KeyCorp boosted their target price on Shopify from $1,125.00 to $1,150.00 and gave the stock an overweight rating in a report on Thursday. Zacks Investment Research raised Shopify from a hold rating to a buy rating and set a $866.00 target price on the stock in a report on Tuesday, May 26th. Oppenheimer assumed coverage on Shopify in a report on Wednesday, May 6th. They issued a hold rating on the stock. Finally, Goldman Sachs Group raised Shopify from a neutral rating to a buy rating and set a $1,127.00 price objective on the stock in a report on Tuesday, July 28th. Two research analysts have rated the stock with a sell rating, nineteen have assigned 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 price target of $927.71.
SHOP stock opened at $1,024.00 on Thursday. The firm has a market capitalization of $120.08 billion, a PE ratio of 14,628.57 and a beta of 1.61. Shopify has a 1-year low of $282.08 and a 1-year high of $1,107.92. The business’s 50 day simple moving average is $935.14 and its 200 day simple moving average is $641.42.
Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results 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 for the quarter, compared to analyst estimates of $511.56 million. Shopify had a positive return on equity of 0.32% and a negative net margin of 3.25%. The firm’s revenue was up 97.3% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.10 EPS. As a group, research analysts predict that Shopify will post -1.56 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in SHOP. First Trust Advisors LP lifted its position in shares of Shopify by 15.6% during the 1st quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock worth $723,000 after buying an additional 472 shares during the last quarter. Advisors Asset Management Inc. raised its position in Shopify by 139.9% in the fourth quarter. Advisors Asset Management Inc. now owns 451 shares of the software maker’s stock valued at $179,000 after purchasing an additional 263 shares during the last quarter. Brinker Capital Inc. raised its position in Shopify by 46.4% in the fourth quarter. Brinker Capital Inc. now owns 1,536 shares of the software maker’s stock valued at $611,000 after purchasing an additional 487 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Shopify by 15.6% in the fourth quarter. Geode Capital Management LLC now owns 139,648 shares of the software maker’s stock valued at $55,111,000 after buying an additional 18,851 shares during the period. Finally, Total Clarity Wealth Management Inc. acquired a new stake in shares of Shopify in the fourth quarter valued at about $45,000. Institutional investors and hedge funds own 60.17% of the company’s stock.
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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