Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) received a $75.00 price objective from equities research analysts at CIBC in a research note issued to investors on Wednesday, BayStreet.CA reports. The brokerage currently has an “outperform” rating on the software maker’s stock. CIBC’s price target would indicate a potential upside of 15.96% from the company’s previous close.
A number of other equities research analysts have also issued reports on SHOP. Royal Bank of Canada upped their price objective on shares of Shopify from $65.00 to $75.00 in a report on Friday, May 5th. Moffett Nathanson upgraded Shopify from a “market perform” rating to an “outperform” rating and set a $76.00 target price on the stock in a research report on Monday. Robert W. Baird raised their price objective on Shopify from $55.00 to $65.00 in a research report on Friday, May 5th. Needham & Company LLC assumed coverage on shares of Shopify in a research report on Tuesday, April 11th. They set a “hold” rating for the company. Finally, Oppenheimer lifted their target price on shares of Shopify from $70.00 to $80.00 in a report on Tuesday, June 20th. Two equities research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and fifteen have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $60.49.
Shopify Stock Down 0.5 %
Shopify stock traded down $0.31 during midday trading on Wednesday, reaching $64.68. The company’s stock had a trading volume of 8,328,269 shares, compared to its average volume of 16,861,572. The stock’s 50-day simple moving average is $62.93 and its 200-day simple moving average is $52.28. The company has a debt-to-equity ratio of 0.11, a current ratio of 6.71 and a quick ratio of 6.71. The stock has a market capitalization of $82.57 billion, a P/E ratio of -42.88 and a beta of 2.02. Shopify has a 52-week low of $23.63 and a 52-week high of $71.43.
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last issued its earnings results on Thursday, May 4th. The software maker reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.08. The firm had revenue of $1.51 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Shopify had a negative net margin of 32.49% and a negative return on equity of 6.02%. On average, sell-side analysts expect that Shopify will post -0.14 EPS for the current year.
Institutional Trading of Shopify
Institutional investors and hedge funds have recently modified their holdings of the business. Raymond James Financial Services Advisors Inc. boosted its position in Shopify by 1.2% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 409,929 shares of the software maker’s stock valued at $26,481,000 after purchasing an additional 4,909 shares during the period. Raymond James & Associates grew its holdings in Shopify by 1.0% in the 2nd quarter. Raymond James & Associates now owns 994,080 shares of the software maker’s stock worth $64,218,000 after buying an additional 9,981 shares in the last quarter. Garrison Point Advisors LLC raised its stake in shares of Shopify by 3.8% during the second quarter. Garrison Point Advisors LLC now owns 4,340 shares of the software maker’s stock valued at $280,000 after purchasing an additional 160 shares in the last quarter. Assenagon Asset Management S.A. lifted its stake in shares of Shopify by 192.9% in the 2nd quarter. Assenagon Asset Management S.A. now owns 155,031 shares of the software maker’s stock worth $10,019,000 after acquiring an additional 102,099 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in shares of Shopify in the second quarter valued at approximately $226,000. 58.14% of the stock is owned by institutional investors and hedge funds.
Shopify Company Profile
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.