Shopify (NASDAQ:SHOP) Reaches New 12-Month High on Analyst Upgrade

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) reached a new 52-week high on Thursday after KeyCorp raised their price target on the stock from $175.00 to $200.00. KeyCorp currently has an overweight rating on the stock. Shopify traded as high as $182.19 and last traded at $179.01, with a volume of 10766649 shares trading hands. The stock had previously closed at $178.96.

Other research analysts also recently issued research reports about the company. TD Securities lifted their price objective on Shopify from $130.00 to $156.00 and gave the stock a “hold” rating in a report on Friday, October 3rd. UBS Group lifted their price objective on Shopify from $110.00 to $145.00 and gave the stock a “neutral” rating in a report on Thursday, August 7th. The Goldman Sachs Group lifted their price objective on Shopify from $120.00 to $176.00 and gave the stock a “buy” rating in a report on Thursday, August 7th. JPMorgan Chase & Co. lifted their price objective on Shopify from $115.00 to $179.00 and gave the stock an “overweight” rating in a report on Thursday, August 7th. Finally, ATB Capital downgraded Shopify to a “sector perform” rating in a report on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $155.35.

Institutional Trading of Shopify

Several large investors have recently bought and sold shares of SHOP. Norges Bank bought a new stake in Shopify during the 2nd quarter valued at approximately $1,794,952,000. Jennison Associates LLC boosted its position in Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after acquiring an additional 7,403,821 shares in the last quarter. Nuveen LLC bought a new stake in Shopify during the 1st quarter valued at approximately $667,392,000. Brown Advisory Inc. boosted its position in Shopify by 5,193.6% during the 2nd quarter. Brown Advisory Inc. now owns 2,066,884 shares of the software maker’s stock valued at $238,419,000 after acquiring an additional 2,027,839 shares in the last quarter. Finally, Geode Capital Management LLC boosted its position in Shopify by 19.9% during the 2nd quarter. Geode Capital Management LLC now owns 10,731,795 shares of the software maker’s stock valued at $1,247,007,000 after acquiring an additional 1,781,530 shares in the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Stock Performance

The company has a 50-day simple moving average of $152.94 and a two-hundred day simple moving average of $126.64. The firm has a market capitalization of $225.63 billion, a P/E ratio of 96.99, a PEG ratio of 8.38 and a beta of 2.72.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The business’s revenue was up 31.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.26 EPS. As a group, research analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

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.