Published: Thu, August 03, 2017
Economy | By Melissa Porter

BidaskClub Upgrades Shopify Inc. (SHOP) to Strong-Buy

BidaskClub Upgrades Shopify Inc. (SHOP) to Strong-Buy

Shares of cloud-based e-commerce platform-provider Shopify (NYSE: SHOP) soared on Tuesday following a blowout second-quarter report.

A number of other research firms also recently issued reports on SHOP.

Shopify shares have more than doubled since the beginning of the year. Roth Capital maintained the shares of SHOP in report on Wednesday, May 4 with "Buy" rating. The consensus target price is $35.75 with 0 firms rating the stock a strong buy, 0 firms rating the stock a buy, 0 firms rating the stock a hold, 0 firms rating the stock a underperform, and finally 0 firms rating the stock a sell. BidaskClub raised Shopify from a "buy" rating to a "strong-buy" rating in a research note on Wednesday. Robert W. Baird initiated the shares of SHOP in report on Thursday, January 7 with "Outperform" rating. On Monday, May 1 the stock rating was downgraded by Monness Crespi to "Neutral". The stock now has an average rating of "Buy" and a consensus price target of $81.13. (NYSE:JPM)'s stock on Monday traded at beginning with a price of $91.51 and when day-trade ended the stock finally gained 0.57% to reach at $91.80.

Shopify has a 52 week low of $32.85 and a 52 week high of $105.79 The company's market cap is now $0. "I have lots of stories about being laughed out of VC offices because they told me the entire addressable market for my company was 40,000 stores". Shopify also saw unusually large options trading activity on Monday. Institutional investors own 60.98% of the company's stock. Traders purchased 6,507 put options on the company. (NYSE:SHOP) (TSE:SH) to post earnings per share (EPS) of ($0.20) for the current quarter, Zacks reports. Company fiscal year is ending in December and analysts' consensus recommendation is Outperform for JPM and estimated EPS for next quarter is $ 1.67. Shopify had a negative net margin of 9.01% and a negative return on equity of 11.26%. The business had revenue of $127.40 million for the quarter, compared to analysts' expectations of $121.67 million. During the same period in the previous year, the firm posted ($0.04) EPS. The company's quarterly revenue was up 75.2% on a year-over-year basis. Ten analysts surveyed by Zacks expected $143.5 million.

Equities analysts expect Shopify Inc. If you are viewing this article on another publication, it was copied illegally and republished in violation of United States and worldwide copyright legislation. Including today's unusual volume, Shopify Inc.'s stock is performing at 115.47% on the year. Gross merchandise value hit $5.8 billion during the quarter, with $2.2 billion of that being processed by Shopify Payments. Montrusco Bolton Investments Inc. bought a new position in shares of Shopify during the first quarter worth about $13,544,000. TD Asset Management Inc. increased its stake in shares of Shopify by 96.7% in the second quarter. Toronto Dominion Bank now owns 1,630 shares of the software maker's stock worth $111,000 after buying an additional 973 shares in the last quarter. Barton Investment Management now owns 259,650 shares of the software maker's stock valued at $22,564,000 after buying an additional 29,830 shares during the period. Toronto Dominion Bank increased its stake in Shopify by 148.1% in the first quarter.

Merchants both big and small use Shopify's software to design, set up and manage their stores across the web, mobile devices, social media platforms and brick-and-mortar outlets.

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