KeyCorp reaffirmed their overweight rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a research note released on Monday morning, BenzingaRatingsTable reports. The firm currently has a $350.00 target price on the software maker’s stock, up from their prior target price of $300.00.
Several other research firms have also recently issued reports on SHOP. Credit Suisse Group reissued an outperform rating and set a GBX 2,012 ($26.29) target price on shares of Aston Martin Lagonda Global in a research note on Wednesday, May 1st. Rosenblatt Securities set a $23.00 price target on MSG Networks and gave the stock a hold rating in a research note on Thursday, June 20th. CIBC cut Shopify from an outperform rating to a neutral rating and upped their price objective for the company from $260.00 to $350.00 in a research report on Thursday, June 20th. They noted that the move was a valuation call. Barclays upped their price objective on from GBX 200 ($2.61) to GBX 210 ($2.74) and gave the company an equal weight rating in a research report on Friday, June 21st. Finally, National Bank Financial upped their price target on Shopify from $270.00 to $350.00 and gave the stock an outperform rating in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and thirteen have issued a buy rating to the stock. The company currently has an average rating of Buy and a consensus target price of $298.00.
Shares of SHOP opened at $315.00 on Monday. The company has a market cap of $35.56 billion, a PE ratio of -516.39 and a beta of 1.30. The stock has a fifty day moving average price of $300.22. Shopify has a 12-month low of $117.64 and a 12-month high of $338.94. The company has a current ratio of 12.56, a quick ratio of 12.57 and a debt-to-equity ratio of 0.05.
Institutional investors and hedge funds have recently modified their holdings of the company. Comerica Securities Inc. boosted its position in Shopify by 32.4% during the fourth quarter. Comerica Securities Inc. now owns 3,005 shares of the software maker’s stock worth $416,000 after acquiring an additional 735 shares during the last quarter. Comerica Bank increased its stake in Shopify by 8.7% during the 4th quarter. Comerica Bank now owns 9,013 shares of the software maker’s stock worth $1,416,000 after buying an additional 724 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Shopify by 46.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 5,570 shares of the software maker’s stock worth $771,000 after purchasing an additional 1,767 shares during the last quarter. Stephens Inc. AR increased its position in shares of Shopify by 49.5% in the 4th quarter. Stephens Inc. AR now owns 2,727 shares of the software maker’s stock worth $378,000 after purchasing an additional 903 shares during the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Shopify by 7.8% in the 4th quarter. Bank of New York Mellon Corp now owns 579,461 shares of the software maker’s stock worth $80,226,000 after purchasing an additional 41,900 shares during the last quarter. 66.47% of the stock is owned by institutional investors and hedge funds.
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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