Shopify (SHOP) Receives a Hold from Guggenheim

In a report released yesterday, Kenneth Wong from Guggenheim maintained a Hold rating on Shopify (SHOPResearch Report). The company’s shares closed last Wednesday at $1398.97.

According to TipRanks.com, Wong is a 5-star analyst with an average return of 23.7% and a 64.0% success rate. Wong covers the Technology sector, focusing on stocks such as BigCommerce Holdings, Altair Engineering, and Progress Software.

Currently, the analyst consensus on Shopify is a Moderate Buy with an average price target of $1736.77.

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Based on Shopify’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $1.12 billion and net profit of $879 million. In comparison, last year the company earned revenue of $714 million and had a net profit of $36 million.

Based on the recent corporate insider activity of 404 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.