Shopify Inc. (SHOP) Given a $116.00 Price Target at KeyCorp

KeyCorp set a $116.00 target price on Shopify Inc. (NYSE:SHOP) (TSE:SH) in a report issued on Wednesday morning. The firm currently has a buy rating on the software maker’s stock.

Other analysts also recently issued reports about the stock. Vetr downgraded shares of Shopify from a strong-buy rating to a buy rating and set a $101.92 price objective on the stock. in a research report on Tuesday, July 11th. BidaskClub downgraded shares of Shopify from a strong-buy rating to a buy rating in a research report on Wednesday, July 5th. Roth Capital raised their price objective on shares of Shopify from $92.00 to $101.00 and gave the company a buy rating in a research report on Wednesday, July 26th. 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 report on Friday, July 28th. Finally, Canaccord Genuity restated a buy rating and set a $115.00 price objective (up from $90.00) on shares of Shopify in a research report on Wednesday, August 2nd. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. The company currently has an average rating of Buy and a consensus price target of $95.51.

Shopify (NYSE:SHOP) traded down 0.51% on Wednesday, hitting $94.54. 2,972,017 shares of the stock were exchanged. The company has a 50-day moving average of $113.21 and a 200 day moving average of $113.21. Shopify has a 12 month low of $37.74 and a 12 month high of $123.94. The firm’s market cap is $9.32 billion.

Shopify (NYSE:SHOP) (TSE:SH) last issued its quarterly earnings results on Tuesday, August 1st. The software maker reported ($0.15) earnings per share 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 analysts’ expectations of $143.94 million. Shopify had a negative net margin of 8.96% and a negative return on equity of 8.26%. The company’s revenue was up 75.2% compared to the same quarter last year. During the same quarter last year, the company posted ($0.04) EPS. Equities research analysts expect that Shopify will post ($0.04) earnings per share for the current fiscal year.

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Several large investors have recently modified their holdings of SHOP. FNY Partners Fund LP purchased a new position in shares of Shopify in the 1st quarter worth $102,000. SG Americas Securities LLC purchased a new position in shares of Shopify in the 1st quarter worth $116,000. Seven Bridges Advisors LLC purchased a new position in shares of Shopify in the 2nd quarter worth $120,000. Advisory Services Network LLC grew its stake 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 worth $123,000 after buying an additional 298 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. purchased a new position in shares of Shopify in the 2nd quarter worth $135,000. 53.77% of the stock is owned by institutional investors and hedge funds.

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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