Shopify Inc (SHOP) was Downgraded by Morgan Stanley to ” Equal-Weight”. Earlier the firm had a rating of “Overweight ” on the company shares. Morgan Stanley advised their investors in a research report released on Sep 28, 2016.
Many Wall Street Analysts have commented on Shopify Inc. Credit Suisse Resumed Shopify Inc on Aug 18, 2016 to “Outperform”, Price Target of the shares are set at $46.BofA/Merrill Initiated Shopify Inc on Aug 12, 2016 to “Neutral”, Price Target of the shares are set at $44.Company shares were Reiterated by RBC Capital Mkts on Aug 4, 2016 to “Outperform”, Firm has raised the Price Target to $ 42 from a previous price target of $37 .
On the company’s financial health, Shopify Inc reported $-0.04 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Aug 3, 2016. Analyst had a consensus of $-0.08. The company had revenue of $86.60 million for the quarter, compared to analysts expectations of $80.62 million. The company’s revenue was up 92.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $-0.03 EPS.
Shopify Inc opened for trading at $43.17 and hit $44 on the upside on Tuesday, eventually ending the session at $43.87, with a gain of 1.55% or 0.67 points. The heightened volatility saw the trading volume jump to 4,64,738 shares. Company has a market cap of $3,588 M.
Shopify Inc. is a Canada-based company that provides a cloud-based commerce platform for small and medium-sized businesses. The Company’s platform lets users to create their own online store. The Company’s platform provides merchants to design set up and manage their stores across multiple sales channels including Web mobile social media brick-and-mortar locations and pop-up shops. Its platform provides a merchant a single view of their business. Its platform also provides merchants to manage all aspects of their shops: uploading products customizing the design accepting credit cards and viewing their incoming orders and completed transactions. Its platform lets users to sell fashion electronics sporting goods furniture and food among others. The Company’s platform offers over 900 applications.