KeyCorp Forecasts Strong Price Appreciation for Shopify (NYSE:SHOP) Stock

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target raised by stock analysts at KeyCorp from $80.00 to $130.00 in a report released on Wednesday,Benzinga reports. The brokerage currently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target would suggest a potential upside of 16.93% from the company’s previous close.

A number of other research analysts have also issued reports on SHOP. Deutsche Bank Aktiengesellschaft upped their target price on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, August 8th. Robert W. Baird increased their price objective on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a report on Wednesday. Evercore increased their price objective on shares of Shopify from $75.00 to $80.00 in a report on Thursday, August 8th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Finally, Canaccord Genuity Group increased their price objective on shares of Shopify from $80.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $90.05.

Shopify Price Performance

NYSE SHOP traded up $2.26 during trading hours on Wednesday, reaching $111.18. The company’s stock had a trading volume of 7,494,604 shares, compared to its average volume of 9,279,095. The stock has a market cap of $143.47 billion, a PE ratio of 103.33, a PEG ratio of 3.64 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. The company’s 50-day moving average is $79.47 and its two-hundred day moving average is $70.18. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $114.51.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. Analysts forecast that Shopify will post 0.76 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently added to or reduced their stakes in SHOP. Oliver Lagore Vanvalin Investment Group boosted its holdings in Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. bought a new stake in Shopify in the second quarter valued at $33,000. Hazlett Burt & Watson Inc. bought a new stake in Shopify in the second quarter valued at $33,000. Rosenberg Matthew Hamilton lifted its stake in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after buying an additional 133 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new stake in Shopify in the second quarter valued at $39,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.