Shopify’s (SHOP) Outperform Rating Reiterated at Wedbush

Wedbush reissued their outperform rating on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a report published on Tuesday. They currently have a $115.00 price objective on the software maker’s stock, up from their prior price objective of $100.00.

Several other equities analysts have also recently weighed in on the company. Zacks Investment Research cut Shopify from a buy rating to a hold rating in a research report on Monday, August 7th. Barclays PLC reiterated an equal weight rating and issued a $90.00 price target (up from $70.00) on shares of Shopify in a research report on Wednesday, August 2nd. Roth Capital set a $117.00 price target on Shopify and gave the company a buy rating in a research report on Wednesday, August 2nd. KeyCorp reissued an overweight rating on shares of Shopify in a research note on Wednesday, August 2nd. Finally, Canaccord Genuity reissued a buy rating and set a $115.00 price objective (up previously from $90.00) on shares of Shopify in a research note on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $88.33.

Shopify (SHOP) traded up 3.74% during mid-day trading on Tuesday, reaching $91.71. The company had a trading volume of 1,951,120 shares. The stock has a 50-day moving average of $92.14 and a 200 day moving average of $77.97. Shopify has a 12-month low of $37.00 and a 12-month high of $105.79. The company’s market capitalization is $9.04 billion.

Shopify (NYSE:SHOP) (TSE:SH) last announced its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The company had revenue of $151.70 million during the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative return on equity of 8.26% and a negative net margin of 8.96%. The firm’s quarterly revenue was up 75.2% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.04) earnings per share. On average, analysts expect that Shopify will post ($0.05) EPS for the current year.

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Several institutional investors have recently added to or reduced their stakes in the stock. Seven Bridges Advisors LLC purchased a new position in Shopify during the second quarter valued at $120,000. FNY Partners Fund LP purchased a new position in Shopify during the first quarter valued at $102,000. Edmond DE Rothschild Holding S.A. purchased a new position in Shopify during the second quarter valued at $135,000. Toronto Dominion Bank boosted its position in Shopify by 148.1% in the first quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker’s stock valued at $111,000 after buying an additional 973 shares during the last quarter. Finally, SG Americas Securities LLC purchased a new position in Shopify during the first quarter valued at $116,000. 61.47% of the stock is currently owned by hedge funds and other institutional investors.

Shopify 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.

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