Shopify (NYSE:SHOP) Stock Rating Upgraded by Arete Research

Arete Research upgraded shares of Shopify (NYSE:SHOP - Free Report) TSE: SHOP to a hold rating in a research report report published on Wednesday morning,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. The Goldman Sachs Group cut their target price on Shopify from $150.00 to $130.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Stifel Nicolaus increased their price objective on Shopify from $100.00 to $110.00 and gave the stock a "hold" rating in a research note on Tuesday, July 15th. Needham & Company LLC started coverage on Shopify in a research report on Monday, July 14th. They set a "buy" rating and a $135.00 price target for the company. BNP Paribas lowered Shopify from a "strong-buy" rating to a "hold" rating in a report on Monday, May 5th. Finally, Cantor Fitzgerald reissued a "neutral" rating and set a $91.00 price objective on shares of Shopify in a report on Wednesday, June 11th. One investment analyst has rated the stock with a sell rating, eighteen have issued a hold rating, twenty-two have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $119.16.

Shopify Trading Up 1.9%

SHOP traded up $2.35 on Wednesday, reaching $124.43. The stock had a trading volume of 6,934,211 shares, compared to its average volume of 10,473,647. The firm has a 50-day moving average of $111.77 and a 200-day moving average of $105.80. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The company has a market capitalization of $161.43 billion, a price-to-earnings ratio of 80.28, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Institutional Trading of Shopify

Large investors have recently modified their holdings of the business. Norges Bank bought a new stake in Shopify during the 4th quarter valued at approximately $1,542,262,000. Arrowstreet Capital Limited Partnership raised its holdings in Shopify by 79.8% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,487,579 shares of the software maker's stock worth $1,752,834,000 after acquiring an additional 7,316,862 shares during the last quarter. Nuveen LLC purchased a new stake in Shopify during the 1st quarter valued at $667,392,000. Jennison Associates LLC raised its stake in Shopify by 324.3% during the 1st quarter. Jennison Associates LLC now owns 5,280,781 shares of the software maker's stock valued at $504,209,000 after buying an additional 4,036,326 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in shares of Shopify by 631.3% during the 4th quarter. Alliancebernstein L.P. now owns 4,459,580 shares of the software maker's stock valued at $474,187,000 after acquiring an additional 3,849,796 shares during the period. 69.27% of the stock is owned by institutional investors.

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.