Guggenheim Maintains a Hold Rating on Shopify (SHOP)

By Ryan Adsit

In a report issued on July 13, Kenneth Wong from Guggenheim maintained a Hold rating on Shopify (SHOPResearch Report). The company’s shares closed last Friday at $1442.63.

According to TipRanks.com, Wong is a 5-star analyst with an average return of 28.5% and a 71.4% success rate. Wong covers the Technology sector, focusing on stocks such as BigCommerce Holdings, Altair Engineering, and Progress Software.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Shopify with a $1571.68 average price target, representing an 8.1% upside. In a report issued on June 28, Barclays also initiated coverage with a Hold rating on the stock with a $1700.00 price target.

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Based on Shopify’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $989 million and net profit of $1.26 billion. In comparison, last year the company earned revenue of $470 million and had a GAAP net loss of $31.43 million.

Based on the recent corporate insider activity of 417 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.