Royal Bank Of Canada Downgrades Shopify (TSE:SHOP) to Sector Perform

Key Points

• Royal Bank of Canada has downgraded Shopify from an "outperform" to a "sector perform" rating, with a new price target set at C$220.00, indicating a potential upside of 6.88% from previous levels.
• In contrast, ATB Capital increased their price objective for Shopify from C$155.00 to C$160.00 while maintaining an "outperform" rating.
• Recent insider trading revealed that Shopify executives sold a total of 43,343 shares worth approximately $6.65 million over the past 90 days.

Royal Bank Of Canada cut shares of Shopify (TSE:SHOP - Free Report) from an outperform rating to a sector perform rating in a research note published on Thursday morning,BayStreet.CA reports. Royal Bank Of Canada currently has C$220.00 price target on the stock, up from their previous price target of C$160.00.

Separately, ATB Capital lifted their target price on Shopify from C$155.00 to C$160.00 and gave the company an "outperform" rating in a report on Friday, May 9th.

Shopify Stock Down 1.2%

TSE:SHOP traded down C$2.44 during trading hours on Thursday, hitting C$203.38. 1,359,257 shares of the company traded hands, compared to its average volume of 2,135,121. The company has a market cap of C$189.41 billion, a PE ratio of 92.08, a PEG ratio of 0.87 and a beta of 2.36. Shopify has a one year low of C$89.40 and a one year high of C$215.75. The company has a quick ratio of 5.74, a current ratio of 3.71 and a debt-to-equity ratio of 9.74. The firm's 50-day simple moving average is C$161.88 and its 200-day simple moving average is C$151.09.

Insiders Place Their Bets

In related news, Director Tobyn David Shannan sold 407 shares of the firm's stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of C$149.69, for a total transaction of C$60,924.07. Also, Senior Officer Jessica Hertz sold 355 shares of Shopify stock in a transaction on Monday, July 28th. The shares were sold at an average price of C$176.24, for a total value of C$62,563.76. Over the last three months, insiders sold 43,343 shares of company stock valued at $6,654,837. 0.18% of the stock is currently owned by corporate insiders.

About Shopify

Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between.