Shopify (SHOP) Gets a Sell Rating from Merrill Lynch

By Austin Angelo

In a report released today, Bradley Sills from Merrill Lynch reiterated a Sell rating on Shopify (SHOPResearch Report), with a price target of $900.00. The company’s shares closed last Wednesday at $1053.59, close to its 52-week high of $1074.98.

According to, Sills is a 5-star analyst with an average return of 24.9% and a 75.6% success rate. Sills covers the Technology sector, focusing on stocks such as Cornerstone Ondemand, Holdings, and Coupa Software.

Currently, the analyst consensus on Shopify is a Moderate Buy with an average price target of $945.55.

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Based on Shopify’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $470 million and GAAP net loss of $31.43 million. In comparison, last year the company earned revenue of $320 million and had a GAAP net loss of $24.15 million.

Based on the recent corporate insider activity of 567 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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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. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting. It focuses on merchant and subscription solutions. The company was founded by Tobias Albin Lütke, Daniel Weinand and Scott Lake on September 28, 2004 and is headquartered in Ottawa, Canada.