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Summit Redstone Indicates Potential 14.75% Increase In Shares Of Shopify

17 February 2017, 05:51 | Melvin Schneider

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The average estimate of 10 analysts surveyed by Zacks Investment Research was for a loss of 2 cents per share. The firm owned 954,041 shares of the company's stock after buying an additional 492,619 shares during the period. This was driven by monthly recurring revenue growth and the merchants' number on Shopify platform crossed 375,000 mark in the December quarter. Connor Clark & Lunn Investment Management Ltd. increased its position in shares of Shopify by 53.5% in the third quarter. The stock had a trading volume of 224,597 shares. Bank of Montreal Can raised its stake in Shopify by 0.6% in the third quarter. Gilder Gagnon Howe & Co. Whale Rock Capital Management LLC now owns 989,538 shares of the company's stock valued at $30,438,000 after buying an additional 559,906 shares in the last quarter. The average 12-month target price among brokers that have issued ratings on the stock in the previous year is $57.85. 73,909 shares of the stock traded hands. The 50 day moving average of NYSE:SHOP is 50.08 and the 200 day moving average is 43.59. This Computer and Technology Sector stock now has the Market Capitalization of 4.93 Billion. BTIG Research started coverage on Shopify in a report on Wednesday, November 16th. EPS or Earning per Share stands at $-0.4. Shopify had a negative net margin of 9.96% and a negative return on equity of 13.30%.

For the full year, Shopify expects to suffer an adjusted operating loss of $18 - $22 million on revenue of $580 - $600 million. Of this, subscription solutions were $56.4 million representing year-over-year growth of 63 percent. "As the engine powering the growth of these merchants, Shopify has an opportunity that stretches years into the future".

Shares of Shopify Inc.

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According to an update released by analysts at Summit Redstone the broker has now set a "Buy" rating on shares of Shopify (NYSE:SHOP) with a price target of 69.

"Mackie Boosts Shopify Inc". They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, nineteen have given a buy rating and one has given a strong buy rating to the company. The guide mirrored 12 months ago when the company pulled down operating leverage expectations based on a legitimate view that the market is ripe for expansion.



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