Shopify Inc (NYSE:SHOP) Receives Average Rating of “Hold” from Analysts

Shopify Inc (NYSE:SHOP) (TSE:SHOP) has received an average rating of “Hold” from the thirty-two brokerages that are covering the firm, Marketbeat reports. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and ten have given a buy rating to the company. The average 1 year price objective among brokers that have issued ratings on the stock in the last year is $947.26.

A number of equities analysts have weighed in on the stock. DA Davidson increased their price target on shares of Shopify from $650.00 to $1,000.00 and gave the stock a “neutral” rating in a research note on Thursday. Goldman Sachs Group raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $1,127.00 price target on the stock in a research note on Tuesday, July 28th. Mizuho increased their price target on shares of Shopify from $825.00 to $1,050.00 and gave the stock a “neutral” rating in a research note on Thursday. They noted that the move was a valuation call. Argus started coverage on shares of Shopify in a research note on Wednesday, July 1st. They set a “buy” rating and a $1,050.00 price target on the stock. Finally, Bank of America reissued a “sell” rating and issued a $900.00 price objective on shares of Shopify in a research report on Wednesday.

Shares of NYSE SHOP opened at $1,024.00 on Tuesday. The company has a market capitalization of $120.08 billion, a PE ratio of 14,628.57 and a beta of 1.61. Shopify has a 12-month low of $282.08 and a 12-month high of $1,107.92. The firm’s 50-day moving average is $935.14 and its two-hundred day moving average is $641.42.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.01 by $1.04. The company had revenue of $714.34 million for 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%. Shopify’s revenue was up 97.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.10 earnings per share. As a group, equities research analysts expect that Shopify will post -1.56 earnings per share for the current fiscal year.

A number of large investors have recently modified their holdings of the stock. Cetera Advisor Networks LLC increased its stake in Shopify by 0.5% during 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 increased its stake in Shopify by 1.1% during 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 increased its stake in Shopify by 180.0% during 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 increased its stake in Shopify by 20.0% during 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 increased its stake in Shopify by 4.0% during 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. Hedge funds and other institutional investors own 60.17% of the company’s stock.

About Shopify

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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Analyst Recommendations for Shopify (NYSE:SHOP)

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