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

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price lifted by KeyCorp from $80.00 to $130.00 in a report issued on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the software maker’s stock.

SHOP has been the subject of several other research reports. Wedbush restated a “neutral” rating and set a $115.00 price target (up previously from $72.00) on shares of Shopify in a report on Tuesday. Loop Capital lifted their target price on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Wolfe Research began coverage on Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price target for the company. Roth Mkm lifted their price objective on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research report on Thursday, August 8th. Finally, Oppenheimer upped their target price on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Performance

Shares of Shopify stock opened at $108.48 on Wednesday. The stock has a market cap of $139.98 billion, a price-to-earnings ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. The company’s fifty day moving average is $81.97 and its 200 day moving average is $71.02. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. Shopify had a return on equity of 11.60% and a net margin of 16.84%. The firm had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Sell-side analysts forecast that Shopify will post 0.76 EPS for the current year.

Institutional Trading of Shopify

Several hedge funds have recently added to or reduced their stakes in the stock. Oliver Lagore Vanvalin Investment Group raised its stake in shares of Shopify by 100.0% in the second 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 during the period. Cultivar Capital Inc. purchased a new stake in Shopify in the 2nd quarter worth about $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify in the 2nd quarter valued at about $33,000. Brooklyn Investment Group purchased a new stake in Shopify during the third quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton boosted 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 purchasing 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.