Shopify Inc. (NYSE:SHOP)‘s stock had its “buy” rating reiterated by equities research analysts at KeyCorp in a research report issued to clients and investors on Sunday.

SHOP has been the subject of several other reports. Pacific Crest reiterated a “buy” rating on shares of Shopify in a research report on Friday. Goldman Sachs Group Inc. assumed coverage on Shopify in a research report on Tuesday, October 4th. They issued a “buy” rating and a $53.00 target price for the company. CIBC assumed coverage on Shopify in a research report on Thursday, September 29th. They issued a “sector outperform” rating for the company. Morgan Stanley downgraded Shopify from an “overweight” rating to an “equal weight” rating and increased their target price for the company from $37.00 to $47.00 in a research report on Wednesday, September 28th. They noted that the move was a valuation call. Finally, Macquarie set a $52.00 target price on Shopify and gave the company a “buy” rating in a research report on Wednesday, September 14th. One analyst has rated the stock with a sell rating, five have issued a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $40.84.

Analyst Recommendations for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) opened at 44.36 on Friday. The stock’s 50 day moving average price is $42.41 and its 200 day moving average price is $33.73. The company’s market cap is $3.63 billion. Shopify has a 12-month low of $18.48 and a 12-month high of $45.20.

Shopify (NYSE:SHOP) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported ($0.04) earnings per share for the quarter, topping the consensus estimate of ($0.08) by $0.04. Shopify had a negative return on equity of 14.67% and a negative net margin of 10.03%. The business earned $86.36 million during the quarter, compared to the consensus estimate of $80.62 million. During the same period in the prior year, the company earned ($0.03) EPS. Shopify’s revenue for the quarter was up 92.9% on a year-over-year basis. Equities research analysts anticipate that Shopify will post ($0.15) EPS for the current year.

A number of large investors have recently made changes to their positions in SHOP. CIBC World Markets Inc. boosted its stake in shares of Shopify by 7.7% in the first quarter. CIBC World Markets Inc. now owns 11,967 shares of the company’s stock worth $338,000 after buying an additional 855 shares during the period. Amica Retiree Medical Trust boosted its stake in shares of Shopify by 80.9% in the second quarter. Amica Retiree Medical Trust now owns 3,695 shares of the company’s stock worth $114,000 after buying an additional 1,652 shares during the period. Manitou Investment Management Ltd. boosted its stake in shares of Shopify by 17.1% in the second quarter. Manitou Investment Management Ltd. now owns 16,080 shares of the company’s stock worth $495,000 after buying an additional 2,350 shares during the period. First Mercantile Trust Co. purchased a new stake in shares of Shopify during the third quarter worth approximately $124,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Shopify during the second quarter worth approximately $104,000. 58.80% of the stock is owned by hedge funds and other institutional investors.

About Shopify

Shopify Inc is a provider of cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, social media storefronts, such as Facebook, Twitter and Pinterest, and physical retail locations.

5 Day Chart for NYSE:SHOP

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