Arete Research Upgrades Shopify (NYSE:SHOP) to Hold

Shopify (NYSE:SHOP) (TSE:SHOP) was upgraded by stock analysts at Arete Research to a “hold” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities research analysts have also issued reports about the stock. National Bankshares upped their price target on shares of Shopify from $120.00 to $140.00 and gave the company an “outperform” rating in a report on Monday. Cantor Fitzgerald reiterated a “neutral” rating and issued a $91.00 price objective on shares of Shopify in a report on Wednesday, June 11th. Morgan Stanley boosted their target price on Shopify from $106.00 to $112.00 and gave the company an “overweight” rating in a research note on Friday, May 9th. Stifel Nicolaus raised their price target on Shopify from $100.00 to $110.00 and gave the stock a “hold” rating in a research note on Tuesday, July 15th. Finally, JPMorgan Chase & Co. cut their price target on shares of Shopify from $124.00 to $115.00 and set an “overweight” rating on the stock in a report on Friday, May 9th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $119.16.

Shopify Stock Performance

Shares of Shopify stock opened at $122.08 on Wednesday. The stock has a market capitalization of $158.38 billion, a price-to-earnings ratio of 78.76, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. The company has a fifty day moving average of $111.77 and a 200-day moving average of $105.80. Shopify has a 52-week low of $48.56 and a 52-week high of $129.38.

Institutional Investors Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Family Legacy Financial Solutions LLC bought a new position in Shopify in the second quarter worth approximately $25,000. Allianz SE purchased a new stake in Shopify in the fourth quarter worth about $27,000. Coastline Trust Co bought a new stake in Shopify during the 2nd quarter worth approximately $29,000. Fourth Dimension Wealth LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $30,000. Finally, Smithfield Trust Co increased its stake in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker’s stock worth $30,000 after purchasing an additional 188 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company 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.