KeyCorp Boosts Shopify (NYSE:SHOP) Price Target to $130.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by stock analysts at KeyCorp from $80.00 to $130.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price objective indicates a potential upside of 19.18% from the company’s current price.

SHOP has been the subject of a number of other research reports. Citigroup boosted their target price on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research report on Monday, September 30th. Scotiabank increased their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 target price for the company in a research note on Tuesday, September 17th. Finally, Evercore ISI raised their price target on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. One analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $94.95.

Shopify Trading Down 5.2 %

NYSE:SHOP opened at $109.08 on Wednesday. The stock has a market cap of $140.76 billion, a price-to-earnings ratio of 101.94, a PEG ratio of 3.71 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10. The company’s 50 day moving average price is $80.36 and its 200-day moving average price is $70.50. Shopify has a 52 week low of $48.56 and a 52 week high of $115.62.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. On average, equities research analysts forecast that Shopify will post 0.76 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently made changes to their positions in the company. Empowered Funds LLC increased its stake in Shopify by 15.4% in the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after acquiring an additional 1,694 shares during the last quarter. Bleakley Financial Group LLC grew its holdings in shares of Shopify by 51.4% in the first quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after purchasing an additional 5,537 shares in the last quarter. TBH Global Asset Management LLC grew its holdings in shares of Shopify by 43.0% in the first quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock valued at $436,000 after purchasing an additional 1,700 shares in the last quarter. Kingsview Wealth Management LLC increased its position in Shopify by 1.4% in the first quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock worth $2,035,000 after purchasing an additional 365 shares during the last quarter. Finally, Midwest Professional Planners LTD. raised its stake in Shopify by 31.7% during the first quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock valued at $374,000 after purchasing an additional 1,166 shares in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.