Arete Reiterates "Neutral" Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP's stock had its "neutral" rating restated by equities research analysts at Arete in a research report issued on Wednesday, MarketBeat.com reports.

SHOP has been the subject of a number of other research reports. CIBC raised their price objective on shares of Shopify from $125.00 to $145.00 and gave the stock an "outperformer" rating in a research note on Friday, July 18th. Needham & Company LLC started coverage on shares of Shopify in a report on Monday, July 14th. They set a "buy" rating and a $135.00 price target on the stock. Mizuho dropped their target price on shares of Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a report on Monday, April 14th. BNP Paribas Exane lowered shares of Shopify from an "outperform" rating to a "neutral" rating and set a $100.00 price objective for the company. in a research report on Monday, May 5th. Finally, Atb Cap Markets upgraded shares of Shopify from a "hold" rating to a "strong-buy" rating in a research report on Thursday, May 8th. One research analyst has rated the stock with a sell rating, eighteen have given a hold rating, twenty-two have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has an average rating of "Moderate Buy" and a consensus price target of $119.16.

Shopify Trading Up 1.9%

SHOP traded up $2.35 on Wednesday, hitting $124.43. 6,934,211 shares of the company's stock were exchanged, compared to its average volume of 10,473,647. The stock has a fifty day moving average of $112.05 and a two-hundred day moving average of $105.92. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The firm has a market cap of $161.43 billion, a PE ratio of 80.28, a P/E/G ratio of 4.82 and a beta of 2.61.

Hedge Funds Weigh In On Shopify

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Brighton Jones LLC lifted its holdings in shares of Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker's stock worth $2,252,000 after buying an additional 584 shares in the last quarter. Prudential Financial Inc. lifted its holdings in shares of Shopify by 112.7% in the fourth quarter. Prudential Financial Inc. now owns 36,322 shares of the software maker's stock worth $3,864,000 after buying an additional 19,242 shares in the last quarter. Modern Wealth Management LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $266,000. Signature Estate & Investment Advisors LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $252,000. Finally, Murphy & Mullick Capital Management Corp bought a new position in shares of Shopify in the fourth quarter worth approximately $160,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

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.