KeyCorp reissued their overweight rating on shares of Shopify (NYSE:SHOP) (TSE:SHOP) in a report released on Monday morning, MarketBeat.com reports. The firm currently has a $140.00 target price on the software maker’s stock, up from their previous target price of $116.00.

Several other equities research analysts have also commented on the company. BidaskClub upgraded Shopify from a buy rating to a strong-buy rating in a research report on Friday, August 25th. Macquarie upped their price objective on Shopify from $121.00 to $146.00 and gave the stock an outperform rating in a research report on Wednesday, September 20th. Robert W. Baird increased their target price on Shopify from $95.00 to $110.00 and gave the company an outperform rating in a research report on Wednesday, August 2nd. Monness Crespi & Hardt upgraded Shopify from a neutral rating to a buy rating and set a $125.00 target price on the stock in a research report on Friday, October 27th. Finally, Vetr upgraded Shopify from a buy rating to a strong-buy rating and set a $107.76 target price on the stock in a research report on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company’s stock. Shopify presently has an average rating of Buy and an average price target of $101.54.

Shopify (NYSE SHOP) traded up $0.15 on Monday, hitting $103.82. 1,160,000 shares of the stock traded hands, compared to its average volume of 2,101,608. Shopify has a 12-month low of $38.69 and a 12-month high of $123.94. The company has a debt-to-equity ratio of 0.02, a quick ratio of 10.64 and a current ratio of 10.64.

Institutional investors have recently made changes to their positions in the stock. Seven Bridges Advisors LLC purchased a new position in Shopify during the 2nd quarter valued at about $120,000. Advisory Services Network LLC boosted its stake in shares of Shopify by 26.6% in the 2nd quarter. Advisory Services Network LLC now owns 1,420 shares of the software maker’s stock valued at $123,000 after buying an additional 298 shares during the period. Edmond DE Rothschild Holding S.A. purchased a new position in shares of Shopify in the 2nd quarter valued at about $135,000. Sterling Investment Advisors Ltd. boosted its stake in shares of Shopify by 100.0% in the 2nd quarter. Sterling Investment Advisors Ltd. now owns 2,000 shares of the software maker’s stock valued at $174,000 after buying an additional 1,000 shares during the period. Finally, Wedbush Securities Inc. purchased a new position in shares of Shopify in the 2nd quarter valued at about $212,000. Institutional investors own 55.34% of the company’s stock.

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About Shopify

Shopify Inc (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company’s software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces.

Analyst Recommendations for Shopify (NYSE:SHOP)

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