Shopify Inc. (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) was down 4.9% on Monday . The stock traded as low as $145.11 and last traded at $145.39. 732,921 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 10,448,936 shares. The stock had previously closed at $152.90.
Analyst Upgrades and Downgrades
Several brokerages have recently issued reports on SHOP. Needham & Company LLC restated a “buy” rating and issued a $180.00 price objective on shares of Shopify in a research note on Tuesday, May 5th. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Wells Fargo & Company restated an “overweight” rating and issued a $180.00 price target (up from $144.00) on shares of Shopify in a research report on Friday, August 7th. Bank of America assumed coverage on shares of Shopify in a research report on Tuesday, July 7th. They set a “buy” rating and a $150.00 price objective for the company. Finally, Phillip Securities downgraded Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, August 17th. One research analyst has rated the stock with a Strong Buy rating, thirty-five have issued a Buy rating and ten have issued a Hold rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $170.84.
View Our Latest Stock Report on SHOP
Shopify Trading Down 4.0%
Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) last released its quarterly earnings data on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The company had revenue of $3.58 billion for the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The firm’s revenue for the quarter was up 33.7% compared to the same quarter last year. During the same period in the previous year, the business posted $0.69 EPS. On average, sell-side analysts expect that Shopify Inc. will post 1.45 earnings per share for the current year.
Hedge Funds Weigh In On Shopify
Institutional investors have recently bought and sold shares of the company. Brighton Jones LLC raised its position in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after acquiring an additional 584 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Shopify by 107.3% during the 1st quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares during the period. Sivia Capital Partners LLC boosted its stake in Shopify by 6.6% in the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock worth $945,000 after buying an additional 506 shares during the last quarter. Osterweis Capital Management Inc. acquired a new stake in shares of Shopify in the second quarter worth approximately $53,000. Finally, Main Street Financial Solutions LLC boosted its holdings in shares of Shopify by 15.3% in the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 1,479 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.
Shopify Company Profile
Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.
Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.
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