KeyCorp Increases Shopify (NYSE:SHOP) Price Target to $1,150.00

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective boosted by KeyCorp from $1,125.00 to $1,150.00 in a report published on Thursday, The Fly reports. The brokerage currently has an overweight rating on the software maker’s stock.

SHOP has been the topic of several other research reports. Pi Financial reaffirmed a buy rating and set a $830.00 price objective on shares of Shopify in a research report on Monday, May 4th. Zacks Investment Research raised shares of Shopify from a hold rating to a buy rating and set a $866.00 price objective on the stock in a research report on Tuesday, May 26th. Citigroup began coverage on shares of Shopify in a research report on Thursday, July 16th. They set a neutral rating and a $998.00 price objective on the stock. Roth Capital raised their price objective on shares of Shopify from $750.00 to $800.00 and gave the company a neutral rating in a research report on Tuesday, July 21st. They noted that the move was a valuation call. Finally, Credit Suisse Group raised their price objective on shares of Shopify from $700.00 to $850.00 and gave the company a neutral rating in a research report on Thursday, July 23rd. Two investment analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Shopify presently has a consensus rating of Hold and an average target price of $927.71.

NYSE SHOP opened at $1,024.00 on Thursday. The company has a 50 day simple moving average of $935.14 and a 200-day simple moving average of $641.42. The firm has a market capitalization of $120.08 billion, a price-to-earnings ratio of 14,628.57 and a beta of 1.61. Shopify has a 52-week low of $282.08 and a 52-week high of $1,107.92.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, July 29th. The software maker reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $1.04. The business had revenue of $714.34 million during the quarter, compared to analyst estimates of $511.56 million. Shopify had a negative net margin of 3.25% and a positive return on equity of 0.32%. The firm’s revenue was up 97.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.10 earnings per share. As a group, equities research analysts predict that Shopify will post -1.56 EPS for the current fiscal year.

Hedge funds have recently modified their holdings of the stock. Fulton Breakefield Broenniman LLC bought a new position in Shopify in the first quarter worth $204,000. Exchange Traded Concepts LLC lifted its position in Shopify by 675.0% in the second quarter. Exchange Traded Concepts LLC now owns 186 shares of the software maker’s stock worth $177,000 after purchasing an additional 162 shares during the period. Addenda Capital Inc. lifted its position in Shopify by 4.4% in the first quarter. Addenda Capital Inc. now owns 60,315 shares of the software maker’s stock worth $24,986,000 after purchasing an additional 2,560 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC lifted its position in Shopify by 516.7% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 37 shares of the software maker’s stock worth $35,000 after purchasing an additional 31 shares during the period. Finally, Lenox Wealth Management Inc. lifted its position in Shopify by 406.3% in the first quarter. Lenox Wealth Management Inc. now owns 400 shares of the software maker’s stock worth $166,000 after purchasing an additional 321 shares during the period. 60.17% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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