Shopify Inc. (NYSE:SHOP) (TSE:SH) has been assigned a $116.00 price objective by KeyCorp in a research report issued to clients and investors on Wednesday. The brokerage presently has a “buy” rating on the software maker’s stock. KeyCorp’s target price indicates a potential upside of 22.08% from the company’s previous close.

SHOP has been the topic of several other research reports. Wedbush reiterated an “ourperform” rating on shares of Shopify in a research report on Wednesday, August 2nd. Robert W. Baird reiterated a “buy” rating and set a $110.00 price target on shares of Shopify in a research report on Friday, September 29th. SunTrust Banks, Inc. began coverage on shares of Shopify in a research report on Monday, June 26th. They set a “hold” rating and a $90.00 price target on the stock. BidaskClub downgraded shares of Shopify from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, June 14th. Finally, Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Shopify in a research report on Wednesday, August 9th. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-one have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $95.51.

Shopify (NYSE:SHOP) traded down 0.46% during mid-day trading on Wednesday, hitting $94.58. 3,152,375 shares of the company were exchanged. The stock’s 50 day moving average is $113.21 and its 200-day moving average is $113.21. The company’s market cap is $9.32 billion. Shopify has a 12-month low of $37.74 and a 12-month high of $123.94.

Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.20) by $0.05. The business had revenue of $151.70 million for the quarter, compared to the consensus estimate of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The firm’s quarterly revenue was up 75.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) EPS. Equities research analysts predict that Shopify will post ($0.04) EPS for the current year.

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Institutional investors and hedge funds have recently modified their holdings of the stock. FNY Partners Fund LP acquired a new position in shares of Shopify in the 1st quarter valued at approximately $102,000. SG Americas Securities LLC acquired a new position in shares of Shopify in the 1st quarter valued at approximately $116,000. Seven Bridges Advisors LLC acquired a new position in shares of Shopify in the 2nd quarter valued at approximately $120,000. Advisory Services Network LLC grew its position in shares of Shopify by 26.6% in the 2nd quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after purchasing an additional 298 shares during the period. Finally, Edmond DE Rothschild Holding S.A. acquired a new position in shares of Shopify in the 2nd quarter valued at approximately $135,000. Institutional investors and hedge funds own 53.77% of the company’s stock.

About Shopify

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.

Analyst Recommendations for Shopify (NYSE:SHOP)

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