In a report issued on July 27, Colin Sebastian from Robert W. Baird maintained a Buy rating on Shopify (SHOP – Research Report), with a price target of $47.00. The company’s shares closed last Thursday at $35.91, close to its 52-week low of $29.72.
According to TipRanks.com, Sebastian is a 5-star analyst with an average return of 9.9% and a 50.7% success rate. Sebastian covers the Technology sector, focusing on stocks such as Playtika Holding, Corsair Gaming, and Meta Platforms.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Shopify with a $63.58 average price target, representing an 83.2% upside. In a report issued on July 15, Stifel Nicolaus also maintained a Buy rating on the stock with a $55.00 price target.
Based on Shopify’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $1.2 billion and GAAP net loss of $1.47 billion. In comparison, last year the company earned revenue of $1.12 billion and had a net profit of $879 million.
Based on the recent corporate insider activity of 222 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SHOP in relation to earlier this year.
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Founded in 2004, Canada-based Shopify, Inc. operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops.
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