Shopify (NASDAQ:SHOP) Stock Price Target Raised at KeyCorp

Key Points

• KeyCorp raised Shopify’s price target from $180 to $185 and maintained an “overweight” rating, implying 17.47% potential upside from the reported $157.49 share price.
• Analyst sentiment remains positive, with Shopify holding a consensus “Moderate Buy” rating and an average price target of $178.44; Citigroup recently raised its target to $216.
• Shopify reported quarterly revenue of $3.58 billion, up 33.7% year over year, and earnings of $0.42 per share, exceeding analyst expectations of $0.40.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP had its price target lifted by research analysts at KeyCorp from $180.00 to $185.00 in a report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the software maker's stock. KeyCorp's price objective indicates a potential upside of 17.47% from the company's current price.

A number of other analysts have also weighed in on SHOP. Citigroup raised their target price on Shopify from $196.00 to $216.00 and gave the company a "buy" rating in a research note on Tuesday, October 27th. Stifel Nicolaus set a $210.00 price target on Shopify and gave the company a "buy" rating in a report on Wednesday, October 14th. Citizens Jmp upped their price target on shares of Shopify from $150.00 to $185.00 and gave the stock a "market outperform" rating in a research report on Thursday, August 6th. The Goldman Sachs Group increased their price objective on shares of Shopify from $170.00 to $194.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Sanford C. Bernstein began coverage on shares of Shopify in a research report on Thursday, September 10th. They issued an "outperform" rating and a $160.00 price objective for the company. Three research analysts have rated the stock with a Strong Buy rating, thirty-six have given a Buy rating and ten have given a Hold rating to the stock. Based on data from MarketBeat, Shopify presently has a consensus rating of "Moderate Buy" and a consensus price target of $178.44.

Shopify Price Performance

Shares of SHOP opened at $157.49 on Monday. The company has a market capitalization of $202.63 billion, a P/E ratio of 106.41, a PEG ratio of 3.25 and a beta of 2.62. Shopify has a one year low of $94.00 and a one year high of $180.88. The business's 50 day simple moving average is $152.78 and its 200-day simple moving average is $130.26. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.35 and a quick ratio of 5.35.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.02. Shopify had a return on equity of 12.58% and a net margin of 14.53%. The firm had revenue of $3.58 billion during the quarter. During the same period in the prior year, the business earned $0.69 earnings per share. The company's revenue for the quarter was up 33.7% on a year-over-year basis. As a group, sell-side analysts predict that Shopify will post 1.46 EPS for the current fiscal year.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the company. Kestra Private Wealth Services LLC grew its position in shares of Shopify by 19.0% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 53,227 shares of the software maker's stock worth $7,894,000 after buying an additional 8,508 shares during the period. Ascent Group LLC lifted its holdings in Shopify by 4.7% in the third quarter. Ascent Group LLC now owns 6,181 shares of the software maker's stock valued at $917,000 after buying an additional 275 shares during the period. Compass Financial Management LLC acquired a new position in Shopify in the third quarter valued at approximately $119,000. Rakuten Investment Management Inc. lifted its holdings in Shopify by 11.1% in the third quarter. Rakuten Investment Management Inc. now owns 104,841 shares of the software maker's stock valued at $15,544,000 after buying an additional 10,478 shares during the period. Finally, Provenance Wealth Advisors LLC boosted its stake in Shopify by 391.9% in the third quarter. Provenance Wealth Advisors LLC now owns 5,308 shares of the software maker's stock valued at $787,000 after acquiring an additional 4,229 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow online and in physical retail environments. Its platform supports online storefronts, product and inventory management, order processing, marketing, analytics and customer engagement.

The company offers subscription-based plans and merchant solutions, including Shopify Payments, Shopify POS, Shopify Capital and tools for shipping, checkout and fulfillment. Shopify also supports sales through multiple channels, such as merchants' own websites, mobile devices, social media and third-party marketplaces.

Shopify was founded in 2006 by Tobias Lütke, Daniel Weinand and Scott Lake after the founders developed an online store for snowboarding equipment.

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