Shopify (NYSE:SHOP) Stock Price Expected to Rise, KeyCorp Analyst Says

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective increased by KeyCorp from $80.00 to $130.00 in a research note published on Wednesday,Benzinga reports. KeyCorp currently has an overweight rating on the software maker’s stock.

Other equities research analysts have also issued reports about the stock. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Robert W. Baird lifted their price target on Shopify from $90.00 to $126.00 and gave the company an “outperform” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft upped their price objective on Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Mizuho lifted their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. Finally, Morgan Stanley upped their price target on Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $94.95.

Shopify Stock Up 5.7 %

NYSE:SHOP opened at $115.13 on Wednesday. Shopify has a 1 year low of $48.56 and a 1 year high of $115.62. The stock has a 50-day moving average price of $79.47 and a two-hundred day moving average price of $70.18. The stock has a market cap of $148.56 billion, a price-to-earnings ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.18 by $0.09. The business had revenue of $2.16 billion during the quarter, compared to analyst estimates of $2.11 billion. Shopify had a return on equity of 11.94% and a net margin of 16.84%. As a group, equities analysts expect that Shopify will post 0.76 earnings per share for the current year.

Hedge Funds Weigh In On Shopify

Large investors have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group grew its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after buying an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in shares of Shopify in the second quarter valued at about $33,000. Hazlett Burt & Watson Inc. bought a new stake in shares of Shopify in the second quarter valued at about $33,000. Brooklyn Investment Group bought a new position in Shopify during the third quarter worth about $33,000. Finally, Rosenberg Matthew Hamilton increased its position in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after acquiring an additional 133 shares during the period. Institutional investors own 69.27% of the company’s stock.

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.