Shopify (NYSE:SHOP) Coverage Initiated at KeyCorp

KeyCorp assumed coverage on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report published on Thursday, StockNewsAPI reports. The brokerage issued an overweight rating and a $80.00 target price on the software maker’s stock.

A number of other brokerages have also recently commented on SHOP. TD Securities reduced their price objective on Shopify from $80.00 to $72.00 and set a hold rating on the stock in a research note on Thursday, May 9th. Deutsche Bank Aktiengesellschaft reduced their price objective on Shopify from $95.00 to $80.00 and set a buy rating on the stock in a research note on Thursday, May 9th. Atb Cap Markets upgraded Shopify from a sector perform rating to an outperform rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. started coverage on Shopify in a research note on Tuesday, June 11th. They issued an overweight rating and a $74.00 price target on the stock. Finally, The Goldman Sachs Group boosted their price target on Shopify from $67.00 to $74.00 and gave the stock a buy rating in a research note on Tuesday, May 28th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $77.62.

Shopify Price Performance

SHOP stock opened at $59.94 on Thursday. The stock has a 50-day moving average price of $63.02 and a two-hundred day moving average price of $71.25. Shopify has a 12-month low of $45.50 and a 12-month high of $91.57. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. The company has a market cap of $77.24 billion, a PE ratio of -352.59, a price-to-earnings-growth ratio of 3.47 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The firm had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. As a group, research analysts predict that Shopify will post 0.62 EPS for the current year.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. GQG Partners LLC lifted its position in Shopify by 197.9% in the first quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. Norges Bank acquired a new stake in Shopify in the fourth quarter worth approximately $1,049,089,000. Capital World Investors lifted its position in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after purchasing an additional 10,340,040 shares during the period. Price T Rowe Associates Inc. MD lifted its position in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares during the period. Finally, Toronto Dominion Bank lifted its position in shares of Shopify by 214.5% during the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock valued at $224,492,000 after acquiring an additional 1,983,996 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.