Shopify (NYSE: SHOP) Price target lowered to $630.00 at Wedbush
Shopify (NYSE:SHOP – Get a Review) (TSE:SHOP) had its target price lowered by Wedbush Research analysts from $937.00 to $630.00 in a note released to investors on Tuesday, reports The Fly. Wedbush’s price target indicates upside potential of 39.08% from the stock’s previous close.
Several other brokerages also published reports on SHOP. Deutsche Bank Aktiengesellschaft cut its price target on Shopify from $900.00 to $550.00 in a report on Monday. KeyCorp lowered its target price on Shopify from $1,000.00 to $650.00 in a research report on Monday. Royal Bank of Canada reduced its target price on Shopify from $1,300.00 to $1,000.00 and set an “outperform” rating for the company in a Monday, April 25 research report. Benchmark launched coverage on Shopify in a research report on Wednesday, April 13. They set a “holding” rating for the company. Finally, Roth Capital reduced its target price on Shopify from $850.00 to $625.00 in a Thursday, April 21 research report. One investment analyst gave the stock a sell rating, seventeen gave the company a hold rating and twenty gave the company a buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $1,064.64.
Shares of Shopify opened at $452.98 on Tuesday. The company has a market capitalization of $57.03 billion, a price-earnings ratio of 19.79 and a beta of 1.82. The company has a debt ratio of 0.10, a current ratio of 12.15 and a quick ratio of 12.15. Shopify has a 52-week low of $411.17 and a 52-week high of $1,762.92. The stock has a 50-day simple moving average of $610.15 and a 200-day simple moving average of $1,037.00.
Shopify shares will split on the morning of Wednesday, June 29. The 10-1 split was announced on Monday, April 11. The newly created shares will be issued to shareholders after market close on Tuesday, June 28.
Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last reported quarterly results on Wednesday, February 16. The software maker reported earnings per share (EPS) of $0.62 for the quarter, beating Thomson Reuters consensus estimate of $0.53 by $0.09. The company posted revenue of $1.38 billion in the quarter, compared to analysts’ estimates of $1.34 billion. Shopify had a return on equity of 4.38% and a net margin of 63.20%. The company’s revenue increased 41.1% year over year. During the same period of the previous year, the company achieved EPS of $1.15. As a group, equity research analysts expect Shopify to post -1.92 earnings per share for the current year.
A number of institutional investors have recently increased or reduced their stake in SHOP. Norges Bank acquired a new position in Shopify during the fourth quarter worth $1,578,341,000. Capital Research Global Investors increased its stake in Shopify by 48.0% during the fourth quarter. Capital Research Global Investors now owns 2,105,757 shares of the software maker worth $2,900,449,000 after acquiring an additional 683,314 shares last quarter. Fortis Advisors LLC increased its stake in Shopify by 338,945.0% during the third quarter. Fortis Advisors LLC now owns 339,045 shares of the software maker worth $475,000 after acquiring 338,945 additional shares last quarter. MFA Wealth Advisors LLC increased its stake in Shopify by 135,577.8% during the third quarter. MFA Wealth Advisors LLC now owns 324,270 shares of the software maker worth $324,000 after acquiring 324,031 additional shares in the last quarter. Finally, ARK Investment Management LLC increased its stake in Shopify by 26.3% during the first quarter. ARK Investment Management LLC now owns 903,063 shares of the software maker worth $610,434,000 after acquiring an additional 187,833 shares in the last quarter. Hedge funds and other institutional investors hold 62.60% of the company’s shares.
About Shopify (Get an evaluation)
Shopify Inc, a commerce company, provides commerce platform and services in Canada, United States, Europe, Middle East, Africa, Asia-Pacific and Latin America. The Company’s platform enables merchants to display, manage, market and sell its products through various sales channels, including web and mobile storefronts, brick-and-mortar outlets, pop-up stores, social media, native mobile apps, buy buttons and marketplaces; and helps manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reports, manage cash, payments and transactions, and access funding.
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