Shopify (NYSE:SHOP) Raised to “Hold” at Arete Research

Arete Research upgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) to a hold rating in a research note published on Wednesday,Zacks.com reports.

A number of other analysts have also issued reports on SHOP. CIBC boosted their price objective on Shopify from $125.00 to $145.00 and gave the company an “outperformer” rating in a research note on Friday, July 18th. Royal Bank Of Canada upped their price objective on Shopify from $125.00 to $145.00 and gave the stock an “outperform” rating in a report on Friday, July 18th. Mizuho lowered their target price on Shopify from $110.00 to $85.00 and set a “neutral” rating for the company in a research note on Monday, April 14th. Capital One Financial raised Shopify from an “equal weight” rating to an “overweight” rating in a research report on Thursday, May 8th. Finally, Wedbush reaffirmed an “outperform” rating and set a $110.00 price target on shares of Shopify in a research report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $119.16.

Shopify Stock Performance

NYSE:SHOP opened at $124.43 on Wednesday. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38. The firm has a market cap of $161.43 billion, a price-to-earnings ratio of 80.28, a PEG ratio of 4.82 and a beta of 2.61. The business’s fifty day moving average is $112.05 and its 200 day moving average is $105.92.

Institutional Trading of Shopify

Institutional investors have recently added to or reduced their stakes in the business. Family Legacy Financial Solutions LLC bought a new position in shares of Shopify during the 2nd quarter valued at $25,000. Allianz SE bought a new position in shares of Shopify during the 4th quarter valued at $27,000. Coastline Trust Co bought a new position in shares of Shopify during the 2nd quarter valued at $29,000. Fourth Dimension Wealth LLC bought a new position in shares of Shopify during the 4th quarter valued at $30,000. Finally, Smithfield Trust Co lifted its holdings in shares of Shopify by 149.2% during the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock valued at $30,000 after buying an additional 188 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.