Vetr upgraded shares of Shopify Inc (US) (NYSE:SHOP) (TSE:SH) from a strong sell rating to a sell rating in a report issued on Thursday, May 11th. Vetr currently has $82.12 price target on the software maker’s stock.
A number of other research firms also recently commented on SHOP. Credit Suisse Group AG raised their price objective on shares of Shopify Inc (US) from $90.00 to $95.00 and gave the stock an outperform rating in a report on Tuesday, May 9th. Roth Capital reissued a buy rating and set a $92.00 price target (up from $82.00) on shares of Shopify Inc (US) in a report on Friday, May 5th. Bank of America Corp downgraded shares of Shopify Inc (US) from a neutral rating to an underperform rating and lifted their price target for the company from $62.00 to $84.00 in a report on Wednesday, May 3rd. Maxim Group reissued a hold rating on shares of Shopify Inc (US) in a report on Wednesday, May 3rd. Finally, Eight Capital raised shares of Shopify Inc (US) from a neutral rating to a buy rating in a research note on Wednesday, May 3rd. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. Shopify Inc (US) presently has a consensus rating of Buy and a consensus target price of $76.65.
Shares of Shopify Inc (NYSE:SHOP) opened at 97.48 on Thursday. The firm has a 50-day moving average price of $85.42 and a 200-day moving average price of $62.23. Shopify Inc has a 1-year low of $26.35 and a 1-year high of $99.38. The firm’s market capitalization is $8.91 billion.
Shopify Inc (US) (NYSE:SHOP) (TSE:SH) last posted its quarterly earnings results on Tuesday, May 2nd. The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.07. The company had revenue of $127.40 million for the quarter, compared to analyst estimates of $121.67 million. Shopify Inc (US) had a negative net margin of 9.96% and a negative return on equity of 13.30%. The business’s quarterly revenue was up 75.2% on a year-over-year basis. During the same period last year, the business posted ($0.06) EPS. On average, analysts forecast that Shopify Inc will post ($0.14) EPS for the current fiscal year.
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Hedge funds and other institutional investors have recently modified their holdings of the company. Scge Management L.P. acquired a new position in shares of Shopify Inc (US) during the fourth quarter valued at approximately $37,297,000. The Manufacturers Life Insurance Company acquired a new position in shares of Shopify Inc (US) during the third quarter valued at approximately $37,184,000. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Shopify Inc (US) by 53.5% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 1,635,131 shares of the software maker’s stock valued at $70,033,000 after buying an additional 569,800 shares during the last quarter. Peregrine Capital Management LLC acquired a new position in shares of Shopify Inc (US) during the third quarter valued at approximately $22,282,000. Finally, Whale Rock Capital Management LLC raised its position in shares of Shopify Inc (US) by 41.8% in the third quarter. Whale Rock Capital Management LLC now owns 1,402,861 shares of the software maker’s stock valued at $60,211,000 after buying an additional 413,323 shares during the last quarter. 69.10% of the stock is owned by institutional investors.
About Shopify Inc (US)
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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