Keybank National Association OH Cuts Position in Shopify Inc. $SHOP

Keybank National Association OH decreased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 2.8% during the second quarter, Holdings Channel reports. The firm owned 19,800 shares of the software maker’s stock after selling 578 shares during the quarter. Keybank National Association OH’s holdings in Shopify were worth $2,284,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SHOP. Family Legacy Financial Solutions LLC purchased a new stake in Shopify in the second quarter valued at approximately $25,000. Tradewinds Capital Management LLC raised its position in Shopify by 71.4% in the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after purchasing an additional 100 shares during the period. Coastline Trust Co purchased a new stake in Shopify in the second quarter valued at approximately $29,000. Smithfield Trust Co raised its position in Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after purchasing an additional 188 shares during the period. Finally, Dagco Inc. purchased a new stake in Shopify in the first quarter valued at approximately $30,000. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. UBS Group boosted their target price on Shopify from $110.00 to $145.00 and gave the company a “neutral” rating in a research report on Thursday, August 7th. Wedbush upped their price objective on Shopify from $115.00 to $160.00 and gave the stock an “outperform” rating in a research report on Thursday, August 7th. JMP Securities upped their price objective on Shopify from $135.00 to $185.00 and gave the stock a “market outperform” rating in a research report on Thursday, August 7th. Robert W. Baird upped their price objective on Shopify from $160.00 to $170.00 and gave the stock an “outperform” rating in a research report on Tuesday, October 7th. Finally, Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, August 6th. One investment 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 given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $155.35.

Shopify Price Performance

NASDAQ:SHOP opened at $173.86 on Friday. The firm has a market capitalization of $225.96 billion, a PE ratio of 97.13, a price-to-earnings-growth ratio of 8.14 and a beta of 2.72. The business’s fifty day moving average price is $153.57 and its 200 day moving average price is $127.57. Shopify Inc. has a 12 month low of $69.84 and a 12 month high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, beating the consensus estimate of $0.29 by $0.06. The firm had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.Shopify’s revenue for the quarter was up 31.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.26 earnings per share. As a group, equities analysts anticipate that Shopify Inc. will post 1.12 EPS for the current year.

Shopify Profile

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.