Keybank National Association OH Acquires 7,585 Shares of Shopify Inc. $SHOP

Keybank National Association OH lifted its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 45.2% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,359 shares of the software maker’s stock after purchasing an additional 7,585 shares during the quarter. Keybank National Association OH’s holdings in Shopify were worth $2,889,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Kingdom Financial Group LLC. bought a new position in Shopify in the fourth quarter valued at approximately $26,000. Curio Wealth LLC acquired a new stake in shares of Shopify during the fourth quarter worth $27,000. Mowery & Schoenfeld Wealth Management LLC acquired a new stake in shares of Shopify during the fourth quarter worth $29,000. Lodestone Wealth Management LLC bought a new stake in Shopify in the 4th quarter valued at $31,000. Finally, Sound Income Strategies LLC lifted its position in Shopify by 82.4% in the 4th quarter. Sound Income Strategies LLC now owns 197 shares of the software maker’s stock valued at $31,000 after acquiring an additional 89 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Price Performance

Shares of SHOP opened at $119.46 on Monday. The company has a market cap of $155.02 billion, a PE ratio of 118.28, a price-to-earnings-growth ratio of 3.28 and a beta of 2.58. The firm has a 50-day moving average of $111.33 and a 200-day moving average of $126.51. Shopify Inc. has a one year low of $94.00 and a one year high of $182.19.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SHOP. Oppenheimer reiterated an “outperform” rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Citizens Jmp reduced their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Jefferies Financial Group reiterated a “hold” rating and set a $140.00 price objective (down from $150.00) on shares of Shopify in a report on Tuesday, May 5th. DA Davidson dropped their target price on Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Finally, National Bank Financial cut their target price on Shopify from $200.00 to $155.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 27th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $157.17.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.