Shopify (NYSE:SHOP) Rating Lowered to Hold at Atb Cap Markets

Key Points

• Shopify has been downgraded from a "strong-buy" rating to a "hold" rating by ATB Capital Markets, reflecting a shift in analyst sentiment.
• BMO Capital Markets raised their price target for Shopify to $180, while the average consensus price target is currently $143.69.
• Institutional investors own approximately 69.27% of Shopify's stock, indicating strong interest from hedge funds and other investment entities.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP was downgraded by stock analysts at Atb Cap Markets from a "strong-buy" rating to a "hold" rating in a research report issued on Wednesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Robert W. Baird increased their target price on Shopify from $110.00 to $120.00 and gave the company an "outperform" rating in a report on Monday, July 14th. UBS Group increased their target price on Shopify from $110.00 to $145.00 and gave the company a "neutral" rating in a report on Thursday. Jefferies Financial Group lowered their target price on Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. ATB Capital cut Shopify to a "sector perform" rating in a report on Thursday. Finally, CIBC raised their price objective on Shopify from $145.00 to $185.00 and gave the stock an "outperform" rating in a report on Thursday. One investment analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, Shopify has an average rating of "Moderate Buy" and an average target price of $148.51.

Shopify Stock Down 1.0%

Shares of SHOP traded down $1.46 on Wednesday, reaching $149.61. The stock had a trading volume of 9,567,891 shares, compared to its average volume of 10,552,143. The firm has a market capitalization of $194.10 billion, a PE ratio of 96.52, a PEG ratio of 4.82 and a beta of 2.63. The firm has a 50-day moving average of $117.50 and a 200 day moving average of $107.86. Shopify has a twelve month low of $65.86 and a twelve month high of $156.85.

Institutional Trading of Shopify

Several large investors have recently modified their holdings of the business. Financial Gravity Companies Inc. acquired a new stake in shares of Shopify during the second quarter valued at about $27,000. Kingsview Wealth Management LLC grew its stake in shares of Shopify by 1.9% during the second quarter. Kingsview Wealth Management LLC now owns 32,427 shares of the software maker's stock valued at $3,740,000 after acquiring an additional 595 shares in the last quarter. Citizens Financial Group Inc. RI grew its stake in shares of Shopify by 67.4% during the second quarter. Citizens Financial Group Inc. RI now owns 41,685 shares of the software maker's stock valued at $4,808,000 after acquiring an additional 16,788 shares in the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Shopify by 11.0% during the second quarter. Avantax Advisory Services Inc. now owns 46,695 shares of the software maker's stock valued at $5,386,000 after acquiring an additional 4,614 shares in the last quarter. Finally, Intech Investment Management LLC grew its stake in Shopify by 13.5% in the second quarter. Intech Investment Management LLC now owns 178,264 shares of the software maker's stock worth $20,519,000 after purchasing an additional 21,250 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors and hedge funds.

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.