Shopify’s (SHOP) Buy Rating Reiterated at KeyCorp
Shopify Inc. (NYSE:SHOP) (TSE:SH)‘s stock had its “buy” rating reaffirmed by stock analysts at KeyCorp in a research note issued to investors on Friday. They currently have a $116.00 target price on the software maker’s stock. KeyCorp’s price target points to a potential upside of 2.24% from the company’s current price.
SHOP has been the topic of a number of other research reports. Vetr upgraded shares of Shopify from a “strong sell” rating to a “sell” rating and set a $82.12 price objective on the stock in a research note on Thursday, May 11th. Robert W. Baird reiterated an “outperform” rating and set a $95.00 price objective on shares of Shopify in a research note on Monday, May 15th. BidaskClub upgraded shares of Shopify from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 25th. Zacks Investment Research upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $101.00 price objective on the stock in a research note on Friday, July 28th. Finally, Industrial Alliance Securities lifted their price objective on shares of Shopify from $87.00 to $134.00 and gave the company a “buy” rating in a research note on Friday, May 26th. One equities research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. Shopify currently has a consensus rating of “Buy” and a consensus target price of $91.81.
Shopify (NYSE SHOP) opened at 113.46 on Friday. The firm’s 50-day moving average is $98.61 and its 200 day moving average is $84.47. Shopify has a 12-month low of $37.74 and a 12-month high of $113.53. The firm’s market cap is $11.18 billion.
Shopify (NYSE:SHOP) (TSE:SH) last posted its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The firm had revenue of $151.70 million for the quarter, compared to analyst estimates of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. Shopify’s revenue for the quarter was up 75.2% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.04) earnings per share. Equities research analysts predict that Shopify will post ($0.05) EPS for the current year.
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A number of institutional investors have recently added to or reduced their stakes in the business. Toronto Dominion Bank boosted its holdings in Shopify by 21,678.2% in the second quarter. Toronto Dominion Bank now owns 354,985 shares of the software maker’s stock worth $30,821,000 after purchasing an additional 353,355 shares during the period. Cetera Investment Advisers acquired a new position in Shopify in the second quarter worth $755,000. Advisory Services Network LLC boosted its holdings in Shopify by 26.6% in the second quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock worth $123,000 after purchasing an additional 298 shares during the period. High Falls Advisors Inc acquired a new position in Shopify in the second quarter worth $322,000. Finally, Scotia Capital Inc. boosted its holdings in Shopify by 43.7% in the second quarter. Scotia Capital Inc. now owns 24,415 shares of the software maker’s stock worth $2,120,000 after purchasing an additional 7,420 shares during the period. 53.78% of the stock is owned by hedge funds and other institutional investors.
Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.
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