Shopify (NYSE:SHOP) Price Target Raised to $385.00 at KeyCorp

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by KeyCorp from $350.00 to $385.00 in a research report released on Friday morning, The Fly reports. KeyCorp currently has an overweight rating on the software maker’s stock.

A number of other research firms have also recently issued reports on SHOP. Morgan Stanley cut Shopify from an equal weight rating to an underweight rating and lifted their price objective for the company from $173.00 to $209.00 in a research report on Tuesday, May 14th. They noted that the move was a valuation call. National Bank Financial lifted their price objective on Shopify from $270.00 to $350.00 and gave the company an outperform rating in a research report on Thursday, June 20th. DA Davidson lifted their price objective on Shopify from $290.00 to $400.00 and gave the company a buy rating in a research report on Monday, June 24th. UBS Group lifted their price objective on Shopify from $295.00 to $395.00 and gave the company a buy rating in a research report on Thursday, June 20th. Finally, Credit Suisse Group lifted their price objective on Shopify from $190.00 to $275.00 and gave the company an outperform rating in a research report on Wednesday, May 1st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and fourteen have given a buy rating to the stock. Shopify presently has an average rating of Hold and an average price target of $324.19.

SHOP opened at $321.39 on Friday. The firm has a market capitalization of $37.05 billion, a PE ratio of -526.87 and a beta of 1.30. Shopify has a 1 year low of $117.64 and a 1 year high of $350.79. The company has a current ratio of 12.56, a quick ratio of 12.57 and a debt-to-equity ratio of 0.05. The company’s fifty day moving average price is $319.36.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Thursday, August 1st. The software maker reported $0.14 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.45. The firm had revenue of $361.98 million during the quarter, compared to analysts’ expectations of $350.59 million. Shopify had a negative return on equity of 3.95% and a negative net margin of 5.98%. The business’s revenue for the quarter was up 47.8% on a year-over-year basis. During the same quarter last year, the firm earned $0.02 earnings per share. As a group, research analysts forecast that Shopify will post -0.78 earnings per share for the current year.

Institutional investors have recently bought and sold shares of the company. Aperio Group LLC bought a new position in shares of Shopify in the second quarter worth about $37,000. Valeo Financial Advisors LLC increased its stake in shares of Shopify by 328.1% in the first quarter. Valeo Financial Advisors LLC now owns 137 shares of the software maker’s stock worth $28,000 after purchasing an additional 105 shares during the period. Tortoise Investment Management LLC bought a new position in shares of Shopify in the first quarter worth about $29,000. Ropes Wealth Advisors LLC increased its stake in shares of Shopify by 41.0% in the second quarter. Ropes Wealth Advisors LLC now owns 148 shares of the software maker’s stock worth $44,000 after purchasing an additional 43 shares during the period. Finally, Beutel Goodman & Co Ltd. bought a new position in shares of Shopify in the first quarter worth about $35,000. Institutional investors and hedge funds own 67.62% of the company’s stock.

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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