Shopify (TSE:SHOP) Downgraded to Sector Perform Rating by Royal Bank Of Canada

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.

Shopify (TSE:SHOP - Get Free Report) was downgraded by investment analysts at Royal Bank Of Canada from an "outperform" rating to a "sector perform" rating in a note issued to investors on Thursday,BayStreet.CA reports. They presently have a C$220.00 price target on the stock, up from their previous price target of C$160.00. Royal Bank Of Canada's price target points to a potential upside of 6.88% from the stock's previous close.

Separately, ATB Capital upped their price objective on shares of Shopify from C$155.00 to C$160.00 and gave the stock an "outperform" rating in a report on Friday, May 9th.

Shopify Price Performance

Shares of SHOP traded down C$6.99 during midday trading on Thursday, hitting C$205.83. The company's stock had a trading volume of 1,734,924 shares, compared to its average volume of 2,140,299. The stock has a market capitalization of C$191.69 billion, a price-to-earnings ratio of 93.19, a price-to-earnings-growth ratio of 0.87 and a beta of 2.36. 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 company's fifty day simple moving average is C$158.31 and its two-hundred day simple moving average is C$150.01. Shopify has a one year low of C$88.01 and a one year high of C$215.75.

Insider Buying and Selling at Shopify

In other Shopify news, Senior Officer Harley Michael Finkelstein sold 1,671 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of C$176.24, for a total value of C$294,490.25. Also, Director Tobyn David Shannan sold 407 shares of the stock in a transaction that occurred on Monday, June 9th. The shares were sold at an average price of C$149.69, for a total value of C$60,924.07. Insiders sold 43,343 shares of company stock worth $6,654,837 over the last 90 days. 0.18% of the stock is owned by company insiders.

Shopify Company Profile

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.

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