KeyCorp Cuts Shopify (NYSE:SHOP) Price Target to $105.00

Shopify (NYSE:SHOP - Free Report) TSE: SHOP had its price target lowered by KeyCorp from $140.00 to $105.00 in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. KeyCorp currently has an overweight rating on the software maker's stock.

SHOP has been the topic of a number of other research reports. Oppenheimer lifted their price target on shares of Shopify from $130.00 to $150.00 and gave the company an "outperform" rating in a research note on Wednesday, February 12th. Piper Sandler upped their target price on shares of Shopify from $94.00 to $104.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 12th. Benchmark upgraded Shopify from a "hold" rating to a "buy" rating and set a $150.00 target price for the company in a report on Monday, February 10th. Citigroup boosted their price target on Shopify from $143.00 to $175.00 and gave the company a "buy" rating in a report on Tuesday, February 11th. Finally, Loop Capital dropped their target price on Shopify from $150.00 to $120.00 and set a "buy" rating on the stock in a research report on Wednesday, April 16th. One research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $119.66.

Shopify Stock Up 1.9 %

Shares of SHOP traded up $1.81 during trading hours on Wednesday, reaching $96.93. The stock had a trading volume of 2,486,447 shares, compared to its average volume of 9,237,226. The firm has a 50-day moving average of $97.43 and a 200 day moving average of $101.69. The company has a market cap of $125.50 billion, a P/E ratio of 62.77, a P/E/G ratio of 4.82 and a beta of 2.82. Shopify has a 52 week low of $48.56 and a 52 week high of $129.38.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 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%. As a group, equities analysts expect that Shopify will post 1.12 earnings per share for the current year.

Institutional Trading of Shopify

Several hedge funds have recently added to or reduced their stakes in SHOP. Allianz SE bought a new position in Shopify during the 4th quarter worth $27,000. PFG Private Wealth Management LLC grew its stake 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 valued at $28,000 after acquiring an additional 256 shares in the last quarter. Fourth Dimension Wealth LLC bought a new position in Shopify during the fourth quarter worth about $30,000. Mark Sheptoff Financial Planning LLC raised its stake in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock worth $32,000 after purchasing an additional 100 shares in the last quarter. Finally, New Wave Wealth Advisors LLC bought a new stake in Shopify in the 4th quarter valued at about $39,000. 69.27% of the stock is 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.