Shopify (NYSE:SHOP) Lowered to “Sell” Rating by DZ Bank

DZ Bank downgraded shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a hold rating to a sell rating in a report released on Thursday, MarketBeat.com reports.

A number of other brokerages also recently issued reports on SHOP. Citigroup increased their target price on Shopify from $90.00 to $103.00 and gave the stock a “buy” rating in a research note on Monday, September 30th. Barclays boosted their target price on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 13th. Piper Sandler increased their price target on shares of Shopify from $67.00 to $94.00 and gave the company a “neutral” rating in a report on Wednesday, November 13th. Morgan Stanley upped their target price on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, August 8th. Finally, Redburn Atlantic raised Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Tuesday, September 17th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Trading Up 0.5 %

Shares of Shopify stock opened at $106.96 on Thursday. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $138.02 billion, a price-to-earnings ratio of 99.96, a price-to-earnings-growth ratio of 2.80 and a beta of 2.36. Shopify has a 52-week low of $48.56 and a 52-week high of $115.62. The company’s 50-day simple moving average is $85.50 and its 200-day simple moving average is $72.18.

Institutional Trading of Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of SHOP. TCW Group Inc. raised its position in Shopify by 0.9% in the third quarter. TCW Group Inc. now owns 1,308,745 shares of the software maker’s stock valued at $104,883,000 after purchasing an additional 11,903 shares during the period. TD Private Client Wealth LLC acquired a new stake in shares of Shopify in the third quarter valued at about $1,232,000. Arete Wealth Advisors LLC purchased a new stake in shares of Shopify during the 3rd quarter valued at about $568,000. Teachers Retirement System of The State of Kentucky lifted its position in Shopify by 29.3% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 342,030 shares of the software maker’s stock worth $27,409,000 after acquiring an additional 77,500 shares in the last quarter. Finally, Sunbelt Securities Inc. lifted its position in Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after acquiring an additional 105 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.