Stocks of Shopify Inc (NYSE:SHOP) traded higher last session on Wall Street, down -0.26% to $53.51.
According to the data, Shopify Inc (NYSE:SHOP) has 46 analysts covering its stock. The consensus rating among analysts is ‘Overweight’. As we calculate the median target price by taking the range between a high of $80.00 and a low of $52.00, we find $66.00. Given the previous closing price of $53.65, this indicates a potential upside of 23.02 percent. SHOP stock price is now -7.85% away from the 50-day moving average and 1.06% away from the 200-day moving average. The market capitalization of the company currently stands at $68.64B.
A total of 25 analysts have issued a hold rating and 16 have given it a buy rating. Brokers who have rated the stock have averaged $67.87 as their price target over the next twelve months.
With the price target enhanced from $60 to $70, Canaccord Genuity Upgraded its rating from Hold to Buy for Shopify Inc (NYSE: SHOP).
A total of 9.66% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in SHOP stock. A new stake in Shopify Inc shares was purchased by HOLOCENE ADVISORS, LP during the first quarter worth $107,464,000. SELECT EQUITY GROUP, L.P. invested $86,970,000 in shares of SHOP during the first quarter. In the first quarter, QUBE RESEARCH & TECHNOLOGIES LTD acquired a new stake in Shopify Inc valued at approximately $42,245,000. UNISUPER MANAGEMENT PTY LTD acquired a new stake in SHOP for approximately $42,067,000. STATE OF TENNESSEE, TREASURY DEPARTMENT purchased a new stake in SHOP valued at around $37,398,000 in the second quarter.
Monday’s opening bell rang with an opening price of $52.45 for Shopify Inc (NYSE: SHOP). During the past 12 months, Shopify Inc has had a low of $23.63 and a high of $71.43. As of last week, the company has a debt-to-equity ratio of 0.15, a current ratio of 6.71, and a quick ratio of 6.71. The fifty day moving average price for SHOP is $57.82 and a two-hundred day moving average price translates $53.04 for the stock.
The latest earnings results from Shopify Inc (NYSE: SHOP) was released for Jun, 2023. The net profit margin was -32.13% and return on equity was -25.03% for SHOP. The company reported revenue of $1.69 billion for the quarter, compared to $1.29 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 30.81 percent.
Shopify Inc(SHOP) Company Profile
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. It also sells custom themes and apps, and registration of domain names; and merchant solutions, which include accepting payments, shipping and fulfillment, and securing working capital. The company was formerly known as Jaded Pixel Technologies Inc. and changed its name to Shopify Inc. in November 2011. Shopify Inc. was incorporated in 2004 and is headquartered in Ottawa, Canada.
