Vetr Inc. Upgrades Shopify Inc. (SHOP) to "Strong-Buy"


The 50 day moving average of NYSE:SHOP is 49.58 and the 200 day moving average is 43.47.

Shopify (NYSE:SHOP) last issued its quarterly earnings results on Wednesday, November 2nd. However, on an adjusted basis, loss would have been $0.4 million or $0.00 a share, which topped the Street analysts' expectations of a loss per share of two cents. LLC increased its position in shares of Shopify by 22.8% in the second quarter. CIBC Asset Management Inc purchased a new stake in Shopify during the third quarter worth $1,833,000. Whale Rock Capital Management LLC now owns 1,402,861 shares of the company's stock valued at $60,211,000 after buying an additional 413,323 shares during the period. The firm's market cap is $5.42 billion. Institutional investors own 68.96% of the company's stock. Of this, subscription solutions were $56.4 million representing year-over-year growth of 63 percent. Shopify shares have increased 31 percent since the beginning of the year.

The company forecast full-year revenue of $580 million to $600 million, well above estimates of $563.3 million.

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A number of other brokerages have also weighed in on SHOP.

According to an update released by analysts at Summit Redstone the broker has now set a "Buy" rating on shares of Shopify (NYSE:SHOP) with a price target of 69. Goldman Sachs Group Inc. began coverage on shares of Shopify in a research note on Tuesday, October 4th. Company price to earnings (P/E) ratio, which measures the relationship between the earnings of a company. Summit Redstone's price target would suggest a potential downside of 11.94% from the stock's current price.

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Shopify has with a one year low of $18.58 and a one year high of $62.47 and has a market capitalization of $0.

Shopify has 88,958,000 shares outstanding at the moment which are trading around 60.79 bringing Shopify's market capitalisation to 5.41B United States dollars. The company now has a consensus rating of "Buy" and an average target price of $46.55. Buy rating has been given by 7 analysts to the company stock whereas no analyst given UNDERPERFORM rating to stock and 7 analysts given HOLD rating.

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