Shopify (SHOP) Price Target Raised to $197.00 at KeyCorp
Shopify (NYSE:SHOP) (TSE:SHOP) had its price target boosted by KeyCorp from $182.00 to $197.00 in a research report sent to investors on Wednesday morning. They currently have an overweight rating on the software maker’s stock.
A number of other equities research analysts also recently commented on the company. Wells Fargo & Co lifted their target price on Shopify from $175.00 to $195.00 and gave the company an outperform rating in a research report on Wednesday. DA Davidson boosted their price objective on Shopify from $150.00 to $210.00 and gave the company a buy rating in a report on Wednesday. Royal Bank of Canada upgraded Shopify from a sector perform rating to an outperform rating and boosted their price objective for the company from $180.00 to $230.00 in a report on Wednesday. Canaccord Genuity boosted their price objective on Shopify from $165.00 to $190.00 and gave the company a buy rating in a report on Tuesday. Finally, Wedbush boosted their price objective on Shopify from $177.00 to $200.00 and gave the company an outperform rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of Buy and a consensus target price of $183.51.
NYSE:SHOP traded down $0.05 on Wednesday, reaching $171.97. The company’s stock had a trading volume of 264,408 shares, compared to its average volume of 1,410,591. Shopify has a 12-month low of $112.50 and a 12-month high of $180.00. The company has a quick ratio of 11.82, a current ratio of 11.82 and a debt-to-equity ratio of 0.01. The company has a market capitalization of $18.66 billion, a P/E ratio of -409.45 and a beta of 1.51.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Baillie Gifford & Co. increased its holdings in Shopify by 21.7% during the 4th quarter. Baillie Gifford & Co. now owns 3,788,009 shares of the software maker’s stock worth $524,449,000 after purchasing an additional 674,648 shares during the period. PRW Wealth Management LLC purchased a new stake in Shopify during the 4th quarter worth about $895,000. Peconic Partners LLC increased its holdings in Shopify by 200.0% during the 4th quarter. Peconic Partners LLC now owns 1,500 shares of the software maker’s stock worth $208,000 after purchasing an additional 1,000 shares during the period. Thoroughbred Financial Services LLC purchased a new stake in Shopify during the 4th quarter worth about $710,000. Finally, Captrust Financial Advisors increased its holdings in Shopify by 54.3% during the 4th quarter. Captrust Financial Advisors now owns 1,659 shares of the software maker’s stock worth $230,000 after purchasing an additional 584 shares during the period. Institutional investors own 62.28% of the company’s stock.
Shopify Company Profile
Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in Canada, the United States, the United Kingdom, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.
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