Shopify (NASDAQ:SHOP) Stock Gets Price Target Bump from KeyCorp

Shopify (NASDAQ:SHOP) (TSE:SHOP) had its price objective upped by equities researchers at KeyCorp from $180.00 to $185.00 in a report released on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp‘s price objective suggests a potential upside of 17.47% from the company’s previous close.

A number of other brokerages also recently weighed in on SHOP. National Bank Financial reiterated an “outperform” rating and issued a $180.00 price target (up from $155.00) on shares of Shopify in a research report on Wednesday, August 5th. Canaccord Genuity Group set a $180.00 price objective on shares of Shopify and gave the company a “buy” rating in a report on Wednesday, August 5th. Truist Financial set a $180.00 target price on shares of Shopify and gave the company a “buy” rating in a research note on Wednesday, August 5th. Rosenblatt Securities began coverage on shares of Shopify in a research note on Thursday, August 20th. They issued a “buy” rating and a $175.00 target price for the company. Finally, Deutsche Bank Aktiengesellschaft increased their target price on shares of Shopify from $175.00 to $185.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and ten have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $178.44.

Shopify Stock Performance

NASDAQ SHOP opened at $157.49 on Monday. The stock has a 50-day simple moving average of $152.78 and a 200 day simple moving average of $130.26. The company has a market capitalization of $202.63 billion, a PE ratio of 106.41, a P/E/G ratio of 3.25 and a beta of 2.62. The company has a current ratio of 5.35, a quick ratio of 5.35 and a debt-to-equity ratio of 0.01. Shopify has a 12 month low of $94.00 and a 12 month high of $180.88.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The firm had revenue of $3.58 billion for the quarter. During the same quarter last year, the business posted $0.69 EPS. Shopify’s quarterly revenue was up 33.7% on a year-over-year basis. Research analysts forecast that Shopify will post 1.46 EPS for the current year.

Hedge Funds Weigh In On Shopify

Several institutional investors have recently modified their holdings of the business. Graney & King LLC bought a new stake in Shopify during the 1st quarter worth approximately $27,000. Fortitude Family Office LLC acquired a new stake in Shopify during the 3rd quarter worth approximately $29,000. MADDEN SECURITIES Corp bought a new position in Shopify in the third quarter valued at approximately $30,000. Laurel Wealth Advisors LLC bought a new position in Shopify in the third quarter valued at approximately $32,000. Finally, Trellis Wealth Advisors LLC acquired a new position in shares of Shopify in the third quarter valued at approximately $37,000. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants’ own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.