Shopify (NYSE:SHOP) Price Target Raised to $575.00 at KeyCorp

Shopify (NYSE:SHOP) (TSE:SHOP) had its target price boosted by KeyCorp from $485.00 to $575.00 in a research report report published on Thursday morning, The Fly reports. They currently have an overweight rating on the software maker’s stock.

A number of other research analysts have also weighed in on SHOP. Royal Bank of Canada boosted their target price on shares of Shopify from $400.00 to $650.00 and gave the stock an outperform rating in a research report on Wednesday. National Bank Financial boosted their target price on shares of Shopify from $450.00 to $500.00 and gave the stock an outperform rating in a research report on Tuesday, January 28th. Guggenheim reissued a hold rating on shares of Shopify in a research report on Tuesday, December 3rd. Credit Suisse Group lowered shares of Shopify from an outperform rating to a neutral rating and boosted their target price for the stock from $450.00 to $575.00 in a research report on Wednesday. They noted that the move was a valuation call. Finally, Roth Capital boosted their target price on shares of Shopify from $330.00 to $390.00 and gave the stock a neutral rating in a research report on Wednesday, January 22nd. Three investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating and fourteen have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $460.46.

Shopify stock traded down $1.75 on Thursday, reaching $531.22. 2,206,751 shares of the stock were exchanged, compared to its average volume of 2,173,423. The stock has a market cap of $56.71 billion, a PE ratio of -470.11 and a beta of 1.19. The company has a current ratio of 11.21, a quick ratio of 11.21 and a debt-to-equity ratio of 0.04. Shopify has a twelve month low of $173.71 and a twelve month high of $593.89. The firm has a fifty day moving average price of $449.15 and a two-hundred day moving average price of $368.66.

Several institutional investors and hedge funds have recently made changes to their positions in the company. First Trust Advisors LP increased its stake in Shopify by 15.6% in the first quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock valued at $723,000 after acquiring an additional 472 shares during the period. Valeo Financial Advisors LLC increased its stake in Shopify by 267.0% in the third quarter. Valeo Financial Advisors LLC now owns 701 shares of the software maker’s stock valued at $218,000 after acquiring an additional 510 shares during the period. Signaturefd LLC increased its stake in Shopify by 421.5% in the third quarter. Signaturefd LLC now owns 631 shares of the software maker’s stock valued at $197,000 after acquiring an additional 510 shares during the period. Wealthcare Advisory Partners LLC increased its stake in Shopify by 925.0% in the third quarter. Wealthcare Advisory Partners LLC now owns 205 shares of the software maker’s stock valued at $64,000 after acquiring an additional 185 shares during the period. Finally, Winfield Associates Inc. bought a new stake in Shopify in the third quarter valued at about $461,000. 57.36% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, 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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