Shopify (NYSE:SHOP) Price Target Raised to $145.00

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP had its price target raised by stock analysts at KeyCorp from $115.00 to $145.00 in a research note issued to investors on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the software maker's stock. KeyCorp's target price suggests a potential upside of 16.98% from the company's current price.

A number of other equities research analysts have also recently commented on SHOP. BMO Capital Markets initiated coverage on shares of Shopify in a research note on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective on the stock. Benchmark dropped their price target on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. The Goldman Sachs Group lowered their target price on shares of Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. UBS Group reaffirmed a "hold" rating on shares of Shopify in a research note on Friday. Finally, BNP Paribas Exane cut shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 target price on the stock. in a research note on Monday, May 5th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $119.16.

Shopify Trading Down 3.5%

Shares of SHOP traded down $4.47 during midday trading on Tuesday, hitting $123.96. 4,937,279 shares of the company's stock traded hands, compared to its average volume of 9,260,781. The stock has a market capitalization of $160.82 billion, a price-to-earnings ratio of 79.90, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify has a 1 year low of $48.56 and a 1 year high of $129.38. The firm's fifty day moving average is $110.52 and its 200-day moving average is $105.37.

Institutional Trading of Shopify

Several large investors have recently made changes to their positions in the stock. LRI Investments LLC raised its stake in shares of Shopify by 9.8% in the 4th quarter. LRI Investments LLC now owns 889 shares of the software maker's stock valued at $94,000 after purchasing an additional 79 shares during the period. Hummer Financial Advisory Services Inc increased its position in shares of Shopify by 3.8% in the second quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock valued at $299,000 after acquiring an additional 95 shares during the last quarter. Mark Sheptoff Financial Planning LLC increased its position in shares of Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after acquiring an additional 100 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of Shopify by 16.7% in the second quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock valued at $81,000 after acquiring an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC grew its holdings in Shopify by 0.9% during the first quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock worth $1,063,000 after purchasing an additional 103 shares during the period. Institutional investors 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.

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