KeyCorp Issues Pessimistic Forecast for Shopify (NYSE:SHOP) Stock Price

Shopify (NYSE:SHOP) (TSE:SHOP) had its price target cut by stock analysts at KeyCorp from $140.00 to $105.00 in a research note issued on Wednesday,Benzinga reports. The firm presently has an “overweight” rating on the software maker’s stock. KeyCorp’s price target suggests a potential upside of 10.39% from the stock’s current price.

Several other brokerages have also commented on SHOP. CIBC increased their price target on shares of Shopify from $135.00 to $160.00 and gave the company an “outperform” rating in a research note on Wednesday, February 12th. Evercore ISI lifted their price target on shares of Shopify from $125.00 to $140.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 12th. Cantor Fitzgerald decreased their price objective on shares of Shopify from $120.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, April 16th. Oppenheimer raised their price objective on Shopify from $130.00 to $150.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Finally, Barclays boosted their target price on Shopify from $93.00 to $100.00 and gave the company an “equal weight” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.66.

Shopify Trading Up 4.6 %

Shares of SHOP opened at $95.12 on Wednesday. The firm’s fifty day simple moving average is $97.43 and its 200-day simple moving average is $101.69. The firm has a market capitalization of $123.16 billion, a price-to-earnings ratio of 61.37, a PEG ratio of 4.82 and a beta of 2.82. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. On average, analysts predict that Shopify will post 1.12 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allianz SE purchased a new position in shares of Shopify during the 4th quarter worth approximately $27,000. PFG Private Wealth Management LLC raised its holdings in shares of Shopify by 3,657.1% in the fourth quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock worth $28,000 after acquiring an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC acquired a new position in shares of Shopify in the fourth quarter worth $30,000. Mark Sheptoff Financial Planning LLC boosted its stake in shares of Shopify by 50.0% during 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. Finally, New Wave Wealth Advisors LLC acquired a new stake in shares of Shopify during the fourth quarter valued at $39,000. Institutional investors and hedge funds 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.