KeyCorp Reiterates Overweight Rating for Shopify (NYSE:SHOP)

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.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, April 30th. The software maker reported $0.09 EPS for the quarter, topping the consensus estimate of ($0.35) by $0.44. The business had revenue of $320.50 million during the quarter, compared to the consensus estimate of $310.11 million. Shopify had a negative return on equity of 3.74% and a negative net margin of 6.17%. The firm’s revenue was up 49.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.04 EPS. Analysts anticipate that Shopify will post -0.78 earnings per share for the current fiscal year.

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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Analyst Recommendations for Shopify (NYSE:SHOP)

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