Mizuho Securities analyst Siti Panigrahi maintained a Hold rating on Shopify (SHOP – Research Report) on November 29 and set a price target of $33.00. The company’s shares closed yesterday at $43.40.
Panigrahi covers the Technology sector, focusing on stocks such as Intuit, Twilio, and Zoom Video Communications. According to TipRanks, Panigrahi has an average return of -7.5% and a 42.57% success rate on recommended stocks.
Currently, the analyst consensus on Shopify is a Moderate Buy with an average price target of $40.47, representing a -6.75% downside. In a report released on November 29, Roth Capital also maintained a Hold rating on the stock with a $38.00 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 $1.37 billion and a GAAP net loss of $158.41 million. In comparison, last year the company earned a revenue of $1.12 billion and had a net profit of $1.15 billion
Based on the recent corporate insider activity of 137 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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- SHOP Posts Record Sales Through Black Friday Weekend
