Shopify (NYSE:SHOP) Coverage Initiated at Morgan Stanley



Equities researchers at Morgan Stanley began coverage on shares of Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) in a research report issued on Friday, The Fly reports. The brokerage set an “equal weight” rating and a $450.00 price target on the software maker’s stock. Morgan Stanley’s target price would indicate a potential upside of 16.81% from the stock’s previous close.

A number of other analysts also recently issued reports on SHOP. Wells Fargo & Company assumed coverage on Shopify in a research report on Monday, April 4th. They issued an “overweight” rating and a $834.00 price target for the company. Robert W. Baird lowered their price target on Shopify from $1,000.00 to $630.00 in a research report on Friday, May 6th. Oppenheimer lowered their price target on Shopify from $960.00 to $500.00 in a research report on Thursday, May 5th. Wedbush lowered their price target on Shopify from $630.00 to $538.00 in a research report on Monday, May 9th. Finally, Barclays lowered their price target on Shopify from $460.00 to $360.00 and set an “equal weight” rating for the company in a research report on Tuesday, June 21st. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $893.32.

NYSE SHOP opened at $385.23 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 11.84 and a current ratio of 11.84. The company has a market capitalization of $48.50 billion, a P/E ratio of 308.18 and a beta of 1.82. Shopify has a one year low of $297.64 and a one year high of $1,762.92. The stock has a 50 day moving average price of $387.48 and a 200-day moving average price of $723.11.

Shares of Shopify are set to split before the market opens on Wednesday, June 29th. The 10-1 split was announced on Monday, April 11th. The newly issued shares will be issued to shareholders after the market closes on Tuesday, June 28th.

Shopify (NYSE:SHOP – Get Rating) (TSE:SHOP) last posted its earnings results on Thursday, May 5th. The software maker reported ($0.67) EPS for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.31). The firm had revenue of $1.20 billion for the quarter, compared to the consensus estimate of $1.24 billion. Shopify had a net margin of 3.77% and a return on equity of 1.94%. The firm’s revenue was up 21.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.32 earnings per share. As a group, equities analysts predict that Shopify will post -4.35 EPS for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in SHOP. Harbour Capital Advisors LLC raised its position in Shopify by 1.3% during the fourth quarter. Harbour Capital Advisors LLC now owns 839 shares of the software maker’s stock valued at $1,156,000 after acquiring an additional 11 shares in the last quarter. Bank of New Hampshire raised its position in Shopify by 7.3% during the fourth quarter. Bank of New Hampshire now owns 161 shares of the software maker’s stock valued at $222,000 after acquiring an additional 11 shares in the last quarter. Welch & Forbes LLC raised its position in Shopify by 0.7% during the fourth quarter. Welch & Forbes LLC now owns 1,674 shares of the software maker’s stock valued at $2,305,000 after acquiring an additional 12 shares in the last quarter. OLD Second National Bank of Aurora raised its position in Shopify by 10.8% during the fourth quarter. OLD Second National Bank of Aurora now owns 123 shares of the software maker’s stock valued at $135,000 after acquiring an additional 12 shares in the last quarter. Finally, Valmark Advisers Inc. raised its position in Shopify by 1.9% during the fourth quarter. Valmark Advisers Inc. now owns 648 shares of the software maker’s stock valued at $893,000 after acquiring an additional 12 shares in the last quarter. 62.60% of the stock is owned by hedge funds and other institutional investors.

About Shopify (Get Rating)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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Post Author: Adam Jacob

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