KeyCorp Begins Coverage on Shopify (NYSE:SHOP)

KeyCorp began coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note issued to investors on Thursday, StockNewsAPI reports. The brokerage issued an overweight rating and a $80.00 price objective on the software maker’s stock.

SHOP has been the subject of several other research reports. Citigroup upped their price target on shares of Shopify from $95.00 to $96.00 and gave the company a buy rating in a research report on Wednesday, June 26th. Evercore raised shares of Shopify from an in-line rating to an outperform rating and set a $75.00 price target for the company in a research report on Friday, June 14th. StockNews.com raised shares of Shopify from a sell rating to a hold rating in a research report on Wednesday, April 24th. Atb Cap Markets raised shares of Shopify from a sector perform rating to an outperform rating in a research report on Wednesday, May 8th. Finally, CIBC reduced their target price on shares of Shopify from $100.00 to $85.00 and set an outperformer rating for the company in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $77.62.

Shopify Price Performance

Shares of NYSE:SHOP opened at $59.94 on Thursday. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The business has a 50-day simple moving average of $63.02 and a two-hundred day simple moving average of $71.32. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14. The firm has a market cap of $77.24 billion, a price-to-earnings ratio of -352.59, a price-to-earnings-growth ratio of 3.47 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The business had revenue of $1.86 billion during the quarter, compared to analyst estimates of $1.84 billion. On average, analysts expect that Shopify will post 0.62 earnings per share for the current year.

Institutional Trading of Shopify

A number of institutional investors have recently bought and sold shares of the stock. Tradition Wealth Management LLC lifted its position in Shopify by 7.5% in the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after buying an additional 140 shares during the last quarter. Willis Johnson & Associates Inc. lifted its position in Shopify by 5.8% in the first quarter. Willis Johnson & Associates Inc. now owns 2,728 shares of the software maker’s stock worth $211,000 after buying an additional 149 shares during the last quarter. Nations Financial Group Inc. IA ADV lifted its position in Shopify by 3.2% in the fourth quarter. Nations Financial Group Inc. IA ADV now owns 4,839 shares of the software maker’s stock worth $377,000 after buying an additional 150 shares during the last quarter. Valley National Advisers Inc. lifted its position in Shopify by 11.4% in the first quarter. Valley National Advisers Inc. now owns 1,482 shares of the software maker’s stock worth $114,000 after buying an additional 152 shares during the last quarter. Finally, Capital Advisors Inc. OK increased its stake in Shopify by 1.7% in the fourth quarter. Capital Advisors Inc. OK now owns 9,283 shares of the software maker’s stock worth $723,000 after purchasing an additional 153 shares during the period. 69.27% of the stock is currently owned by institutional investors.

About Shopify

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.