Shopify (NYSE:SHOP) Downgraded by Loop Capital to "Hold"

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP was downgraded by equities researchers at Loop Capital from a "buy" rating to a "hold" rating in a report issued on Tuesday, MarketBeat Ratings reports. They currently have a $120.00 target price on the software maker's stock. Loop Capital's price objective suggests a potential downside of 3.81% from the company's previous close.

Several other brokerages have also recently issued reports on SHOP. Mizuho reduced their price objective on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald reissued a "neutral" rating and issued a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. The Goldman Sachs Group dropped their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. BMO Capital Markets started coverage on Shopify in a report on Tuesday, May 6th. They set an "outperform" rating and a $120.00 price objective on the stock. Finally, BNP Paribas Exane lowered Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective on the stock. in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-two have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, Shopify has an average rating of "Moderate Buy" and a consensus target price of $119.16.

Shopify Stock Down 2.9%

Shares of SHOP stock traded down $3.67 on Tuesday, hitting $124.76. The company had a trading volume of 6,132,443 shares, compared to its average volume of 10,536,456. The firm has a market cap of $161.86 billion, a P/E ratio of 80.49, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The company has a 50-day moving average price of $110.52 and a 200-day moving average price of $105.37.

Institutional Trading of Shopify

A number of institutional investors have recently made changes to their positions in the stock. Wealthcare Advisory Partners LLC lifted its position in Shopify by 32.8% during the second quarter. Wealthcare Advisory Partners LLC now owns 4,992 shares of the software maker's stock valued at $576,000 after buying an additional 1,233 shares during the period. Clarius Group LLC lifted its position in Shopify by 2.4% during the second quarter. Clarius Group LLC now owns 7,628 shares of the software maker's stock valued at $879,000 after buying an additional 179 shares during the period. AMF Tjanstepension AB lifted its position in Shopify by 34.7% during the second quarter. AMF Tjanstepension AB now owns 626,550 shares of the software maker's stock valued at $72,273,000 after buying an additional 161,474 shares during the period. NTV Asset Management LLC purchased a new position in Shopify during the second quarter valued at $213,000. Finally, 111 Capital purchased a new position in Shopify during the second quarter valued at $1,719,000. 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.