KeyCorp Issues Pessimistic Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price objective dropped by equities research analysts at KeyCorp from $140.00 to $105.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the software maker’s stock. KeyCorp’s target price suggests a potential upside of 10.39% from the stock’s previous close.

A number of other brokerages have also weighed in on SHOP. Piper Sandler lifted their price target on shares of Shopify from $94.00 to $104.00 and gave the company a “neutral” rating in a report on Wednesday, February 12th. Wedbush reissued an “outperform” rating and set a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. The Goldman Sachs Group cut their price objective on Shopify from $150.00 to $130.00 and set a “buy” rating on the stock in a report on Tuesday. TD Securities boosted their target price on Shopify from $100.00 to $130.00 and gave the stock a “hold” rating in a report on Wednesday, February 12th. Finally, Phillip Securities downgraded shares of Shopify from a “strong-buy” rating to a “moderate buy” rating in a research report on Monday, February 17th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $119.66.

Shopify Stock Up 4.6 %

SHOP stock opened at $95.12 on Wednesday. The stock has a market capitalization of $123.16 billion, a price-to-earnings ratio of 61.37, a price-to-earnings-growth ratio of 4.82 and a beta of 2.82. The stock’s fifty day simple moving average is $97.43 and its 200-day simple moving average is $101.69. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, analysts anticipate that Shopify will post 1.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently made changes to their positions in the company. Allianz SE acquired a new position in Shopify in the fourth quarter worth $27,000. PFG Private Wealth Management LLC boosted its holdings in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares during the period. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify during the 4th quarter valued at about $30,000. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after acquiring an additional 100 shares during the period. Finally, New Wave Wealth Advisors LLC bought a new position in Shopify in the fourth quarter worth about $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company’s platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.