Shopify (NYSE:SHOP) PT Raised to $360.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective hoisted by Mackie from $280.00 to $360.00 in a report released on Monday morning, BayStreet.CA reports. The brokerage currently has a buy rating on the software maker’s stock.

Other equities research analysts also recently issued reports about the company. Wells Fargo & Co decreased their price target on WellCare Health Plans from $346.00 to $330.00 and set an outperform rating for the company in a report on Wednesday, May 1st. Royal Bank of Canada reaffirmed an outperform rating on shares of in a report on Friday, June 21st. SunTrust Banks increased their price target on Mcdonald’s to $230.00 and gave the stock a buy rating in a report on Wednesday, May 1st. CIBC downgraded Shopify from an outperform rating to a neutral rating and increased their price target for the stock from $260.00 to $350.00 in a report on Thursday, June 20th. They noted that the move was a valuation call. Finally, Barclays increased their price target on from GBX 200 ($2.61) to GBX 210 ($2.74) and gave the stock an equal weight rating in a report on Friday, June 21st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and thirteen have assigned a buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $304.25.

SHOP stock opened at $331.15 on Monday. The company has a debt-to-equity ratio of 0.05, a current ratio of 12.56 and a quick ratio of 12.57. The company has a 50 day moving average price of $306.09. Shopify has a twelve month low of $117.64 and a twelve month high of $338.94. The firm has a market capitalization of $35.38 billion, a P/E ratio of -542.87 and a beta of 1.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, April 30th. The software maker reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.35) by $0.44. Shopify had a negative return on equity of 3.74% and a negative net margin of 6.17%. The firm had revenue of $320.50 million during the quarter, compared to the consensus estimate of $310.11 million. During the same period last year, the company earned $0.04 earnings per share. The company’s revenue for the quarter was up 49.6% on a year-over-year basis. On average, equities research analysts expect that Shopify will post -0.78 EPS for the current fiscal year.

Large investors have recently added to or reduced their stakes in the business. Valeo Financial Advisors LLC increased its position in shares of Shopify by 328.1% in the first quarter. Valeo Financial Advisors LLC now owns 137 shares of the software maker’s stock valued at $28,000 after buying an additional 105 shares in the last quarter. Tortoise Investment Management LLC purchased a new position in shares of Shopify in the first quarter valued at $29,000. Sound Income Strategies LLC increased its position in shares of Shopify by 8,100.0% in the first quarter. Sound Income Strategies LLC now owns 164 shares of the software maker’s stock valued at $34,000 after buying an additional 162 shares in the last quarter. Beutel Goodman & Co Ltd. purchased a new position in shares of Shopify in the first quarter valued at $35,000. Finally, Signaturefd LLC increased its position in shares of Shopify by 56.9% in the first quarter. Signaturefd LLC now owns 171 shares of the software maker’s stock valued at $35,000 after buying an additional 62 shares in the last quarter. Hedge funds and other institutional investors own 66.47% of the company’s stock.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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