Shopify Inc. (SHOP) Upgraded by BidaskClub to Strong-Buy

Shopify Inc. (NYSE:SHOP) (TSE:SH) was upgraded by equities research analysts at BidaskClub from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Tuesday, June 27th.

Several other research firms have also commented on SHOP. Robert W. Baird reaffirmed an “outperform” rating and issued a $95.00 price target on shares of Shopify in a report on Monday, May 15th. Roth Capital lifted their price target on shares of Shopify from $82.00 to $92.00 and gave the company a “buy” rating in a report on Monday, May 15th. SunTrust Banks, Inc. began coverage on shares of Shopify in a report on Monday, June 26th. They issued a “hold” rating and a $90.00 price target for the company. Vetr raised shares of Shopify from a “strong sell” rating to a “sell” rating and set a $82.12 price target for the company in a report on Thursday, May 11th. Finally, Stephens reaffirmed an “equal weight” rating and issued a $97.00 price target on shares of Shopify in a report on Friday, June 23rd. Two analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, twenty have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $79.13.

Shares of Shopify (SHOP) opened at 90.49 on Tuesday. Shopify has a 52 week low of $31.82 and a 52 week high of $100.80. The firm’s market cap is $8.27 billion. The stock’s 50 day moving average is $91.40 and its 200 day moving average is $68.12.

Shopify (NYSE:SHOP) (TSE:SH) last released its earnings results on Tuesday, May 2nd. The software maker reported ($0.15) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.07. The company had revenue of $127.40 million during the quarter, compared to the consensus estimate of $121.67 million. Shopify had a negative net margin of 9.01% and a negative return on equity of 11.26%. The company’s revenue was up 75.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.06) EPS. On average, equities research analysts predict that Shopify will post ($0.14) earnings per share for the current fiscal year.

ILLEGAL ACTIVITY WARNING: “Shopify Inc. (SHOP) Upgraded by BidaskClub to Strong-Buy” was first published by Transcript Daily and is the property of of Transcript Daily. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of US & international trademark and copyright laws. The legal version of this piece of content can be viewed at https://transcriptdaily.com/2017/07/18/shopify-inc-shop-upgraded-by-bidaskclub-to-strong-buy-updated-updated.html.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Russell Investments Group Ltd. bought a new position in shares of Shopify during the fourth quarter worth approximately $2,037,000. Toronto Dominion Bank increased its position in shares of Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock worth $111,000 after buying an additional 973 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Shopify by 149.6% in the first quarter. Tower Research Capital LLC TRC now owns 3,390 shares of the software maker’s stock worth $230,000 after buying an additional 2,032 shares during the last quarter. Morgan Stanley increased its position in shares of Shopify by 117.8% in the first quarter. Morgan Stanley now owns 643,902 shares of the software maker’s stock worth $43,843,000 after buying an additional 348,254 shares during the last quarter. Finally, Penserra Capital Management LLC increased its position in shares of Shopify by 76.5% in the first quarter. Penserra Capital Management LLC now owns 3,300 shares of the software maker’s stock worth $224,000 after buying an additional 1,430 shares during the last quarter. 61.34% of the stock is currently owned by hedge funds and other institutional investors.

About Shopify

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.

Analyst Recommendations for Shopify (NYSE:SHOP)

Receive News & Ratings for Shopify Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Shopify Inc. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply