DZ Bank Downgrades Shopify (NYSE:SHOP) to Sell

DZ Bank lowered shares of Shopify (NYSE:SHOP) (TSE:SHOP) from a hold rating to a sell rating in a research note published on Thursday, MarketBeat Ratings reports.

Several other research analysts have also weighed in on SHOP. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Loop Capital lifted their target price on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a report on Wednesday, October 9th. KeyCorp lifted their target price on shares of Shopify from $80.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, November 13th. Oppenheimer lifted their target price on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a report on Wednesday, November 13th. Finally, Mizuho lifted their target price on shares of Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Up 0.2 %

Shopify stock opened at $106.72 on Thursday. The firm has a market capitalization of $137.71 billion, a PE ratio of 99.56, a P/E/G ratio of 3.09 and a beta of 2.36. The company’s 50-day moving average is $84.81 and its 200-day moving average is $71.95. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Swiss National Bank increased its position in Shopify by 0.9% in the 3rd quarter. Swiss National Bank now owns 3,657,800 shares of the software maker’s stock valued at $293,507,000 after acquiring an additional 33,300 shares during the period. Oppenheimer & Co. Inc. increased its position in shares of Shopify by 26.4% during the third quarter. Oppenheimer & Co. Inc. now owns 33,609 shares of the software maker’s stock worth $2,693,000 after buying an additional 7,027 shares during the period. Nations Financial Group Inc. IA ADV increased its position in shares of Shopify by 4.6% during the third quarter. Nations Financial Group Inc. IA ADV now owns 4,756 shares of the software maker’s stock worth $381,000 after buying an additional 209 shares during the period. Silvercrest Asset Management Group LLC increased its position in shares of Shopify by 735.0% during the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after buying an additional 46,589 shares during the period. Finally, Baker Avenue Asset Management LP increased its position in shares of Shopify by 10.9% during the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock worth $17,390,000 after buying an additional 21,265 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.