Vetr Inc. Lowers Shopify Inc (US) (SHOP) to Buy

Shopify Inc (US) (NYSE:SHOP) (TSE:SH) was downgraded by equities researchers at Vetr from a “strong-buy” rating to a “buy” rating in a research note issued to investors on Friday, April 14th. They currently have a $78.85 target price on the software maker’s stock. Vetr‘s price target indicates a potential downside of 14.40% from the stock’s previous close.

Other equities analysts also recently issued research reports about the stock. BTIG Research restated a “buy” rating and issued a $55.00 price target on shares of Shopify Inc (US) in a research note on Friday, January 6th. Rosenblatt Securities reaffirmed a “buy” rating and set a $50.00 price objective on shares of Shopify Inc (US) in a research report on Thursday, January 5th. Royal Bank of Canada reaffirmed a “buy” rating and set a $63.00 price objective (up from $52.00) on shares of Shopify Inc (US) in a research report on Monday, February 13th. Summit Research lifted their price objective on shares of Shopify Inc (US) from $48.00 to $69.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Finally, Mackie lifted their price objective on shares of Shopify Inc (US) from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, February 16th. Four analysts have rated the stock with a sell rating, nine have assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $72.13.

Analyst Recommendations for Shopify Inc (US) (NYSE:SHOP)

Shares of Shopify Inc (NYSE:SHOP) traded down 3.97% during mid-day trading on Friday, hitting $88.45. The company had a trading volume of 7,357,997 shares. Shopify Inc has a 1-year low of $26.00 and a 1-year high of $95.88. The company has a 50-day moving average price of $78.19 and a 200-day moving average price of $57.66. The company’s market capitalization is $8.09 billion. Shopify Inc (US) also was the target of unusually large options trading activity on Thursday. Traders bought 1,100 call options on the stock. This represents an increase of approximately 112% compared to the typical volume of 518 call options.

Shopify Inc (US) (NYSE:SHOP) last posted its quarterly earnings results on Tuesday, May 2nd. The software maker reported ($0.15) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.22) by $0.07. The business had revenue of $127.40 million during the quarter, compared to the consensus estimate 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 company’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.06) earnings per share. On average, equities analysts anticipate that Shopify Inc will post ($0.14) EPS for the current year.

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Several hedge funds and other institutional investors have recently modified their holdings of SHOP. FMR LLC raised its position in shares of Shopify Inc (US) by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock valued at $787,916,000 after buying an additional 171,294 shares during the last quarter. 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. Putnam Investments LLC raised its position in shares of Shopify Inc (US) by 0.6% in the fourth quarter. Putnam Investments LLC now owns 1,508,633 shares of the software maker’s stock valued at $64,675,000 after buying an additional 8,377 shares during the last quarter. 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. Finally, Renaissance Technologies LLC raised its position in shares of Shopify Inc (US) by 4.7% in the first quarter. Renaissance Technologies LLC now owns 1,347,000 shares of the software maker’s stock valued at $91,732,000 after buying an additional 61,000 shares during the last quarter. Institutional investors and hedge funds own 69.10% of the company’s stock.

Shopify Inc (US) Company Profile

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.

5 Day Chart for NYSE:SHOP

To view Vetr’s full report, visit Vetr’s official website.

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