Jefferies analyst Samad Samana maintained a Buy rating on Shopify (SHOP – Research Report) yesterday and set a price target of $1800.00. The company’s shares closed last Monday at $1578.00.
According to TipRanks.com, Samana is a 5-star analyst with an average return of 26.0% and a 69.3% success rate. Samana covers the Technology sector, focusing on stocks such as Automatic Data Processing, Ceridian HCM Holding, and Bill.com Holdings.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Shopify with a $1668.82 average price target, which is a 5.8% upside from current levels. In a report released today, Rosenblatt Securities also reiterated a Buy rating on the stock with a $2000.00 price target.
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Based on Shopify’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $1.12 billion and net profit of $1.15 billion. In comparison, last year the company earned revenue of $767 million and had a net profit of $191 million.
Based on the recent corporate insider activity of 399 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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