Shopify Inc (US) (SHOP) Given New $87.00 Price Target at Morgan Stanley

Shopify Inc (US) (NYSE:SHOP) (TSE:SH) had its target price boosted by stock analysts at Morgan Stanley from $80.00 to $87.00 in a research report issued on Wednesday, May 3rd. The brokerage presently has an “equal weight” rating on the software maker’s stock. Morgan Stanley’s price objective points to a potential downside of 5.55% from the company’s previous close.

Other analysts have also recently issued research reports about the company. Vetr raised Shopify Inc (US) from a “hold” rating to a “strong-buy” rating and set a $70.45 price objective on the stock in a report on Thursday, February 16th. Wedbush raised their price objective on Shopify Inc (US) from $50.00 to $75.00 and gave the company an “outperform” rating in a report on Thursday, February 16th. Barclays PLC assumed coverage on Shopify Inc (US) in a report on Tuesday, March 28th. They set an “equal weight” rating and a $64.00 price objective on the stock. Maxim Group restated a “hold” rating on shares of Shopify Inc (US) in a research report on Wednesday, May 3rd. Finally, Eight Capital upgraded Shopify Inc (US) from a “neutral” rating to a “buy” rating in a research report on Wednesday, May 3rd. Four research analysts have rated the stock with a sell rating, nine have assigned a hold rating and nineteen have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $72.13.

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

Shopify Inc (NYSE:SHOP) traded down 1.64% during mid-day trading on Wednesday, hitting $90.60. 5,856,981 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $78.19 and a 200 day moving average of $57.66. Shopify Inc has a 52 week low of $26.00 and a 52 week high of $95.88. The stock’s market capitalization is $8.28 billion. Shopify Inc (US) also was the recipient of some unusual options trading on Thursday. Investors purchased 1,100 call options on the company. This represents an increase of approximately 112% compared to the average daily volume of 518 call options.

Shopify Inc (US) (NYSE:SHOP) last announced its quarterly earnings data on Tuesday, May 2nd. The software maker reported ($0.15) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.07. The firm had revenue of $127.40 million during the quarter, compared to the consensus estimate of $121.67 million. Shopify Inc (US) had a negative return on equity of 13.30% and a negative net margin of 9.96%. The business’s revenue for the quarter was up 75.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.06) EPS. Equities analysts forecast that Shopify Inc will post ($0.14) earnings per share for the current fiscal year.

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Institutional investors have recently added to or reduced their stakes in the company. FMR LLC raised its position in Shopify Inc (US) by 1.5% in the first quarter. FMR LLC now owns 11,571,684 shares of the software maker’s stock worth $787,916,000 after buying an additional 171,294 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in 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 worth $70,033,000 after buying an additional 569,800 shares during the period. Putnam Investments LLC raised its position in 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 worth $64,675,000 after buying an additional 8,377 shares during the period. Whale Rock Capital Management LLC raised its position in 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 worth $60,211,000 after buying an additional 413,323 shares during the period. Finally, Renaissance Technologies LLC raised its position in 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 worth $91,732,000 after buying an additional 61,000 shares during the period. 69.10% of the stock is owned by hedge funds and other 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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