Shopify Inc. (SHOP) Given “Buy” Rating at KeyCorp

KeyCorp restated their buy rating on shares of Shopify Inc. (NYSE:SHOP) (TSE:SH) in a research report released on Wednesday. They currently have a $116.00 price target on the software maker’s stock.

A number of other research firms have also recently weighed in on SHOP. Macquarie increased their price objective on shares of Shopify from $121.00 to $146.00 and gave the stock an outperform rating in a research report on Wednesday, September 20th. Vetr lowered shares of Shopify from a buy rating to a hold rating and set a $120.91 target price on the stock. in a report on Tuesday, September 12th. Robert W. Baird reiterated a buy rating and set a $110.00 target price on shares of Shopify in a report on Friday, September 29th. Piper Jaffray Companies reiterated a buy rating and set a $110.00 target price on shares of Shopify in a report on Tuesday, September 5th. Finally, DA Davidson assumed coverage on shares of Shopify in a report on Wednesday, September 6th. They set a neutral rating and a $95.00 target price on the stock. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-two have assigned a buy rating to the stock. The stock has an average rating of Buy and a consensus price target of $100.45.

Shopify (NYSE:SHOP) (TSE:SH) last posted its quarterly earnings data on Tuesday, August 1st. The software maker reported ($0.15) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.20) by $0.05. The firm had revenue of $151.70 million during the quarter, compared to analysts’ expectations of $143.94 million. Shopify had a negative net margin of 7.90% and a negative return on equity of 7.65%. The firm’s quarterly revenue was up 75.2% on a year-over-year basis. During the same quarter last year, the company posted ($0.04) EPS.

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Hedge funds and other institutional investors have recently bought and sold shares of the stock. Seven Bridges Advisors LLC purchased a new position in shares of Shopify in the 2nd quarter valued at $120,000. Advisory Services Network LLC grew its position 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 valued at $123,000 after buying an additional 298 shares during the last quarter. FNY Partners Fund LP purchased a new position in shares of Shopify in the 1st quarter valued at $102,000. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Shopify in the 2nd quarter valued at $135,000. Finally, SG Americas Securities LLC purchased a new position in shares of Shopify in the 1st quarter valued at $116,000. 55.03% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

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.

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