Shopify (NYSE:SHOP) Downgraded by DZ Bank to Sell

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP was downgraded by stock analysts at DZ Bank from a "hold" rating to a "sell" rating in a report released on Thursday, Marketbeat reports.

SHOP has been the topic of several other research reports. Wedbush reiterated a "neutral" rating and issued a $115.00 price target (up previously from $72.00) on shares of Shopify in a research note on Tuesday, November 12th. Atb Cap Markets cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a report on Tuesday, November 12th. Evercore ISI raised their price target on shares of Shopify from $75.00 to $80.00 and gave the company an "outperform" rating in a research note on Thursday, August 8th. Piper Sandler upped their price objective on shares of Shopify from $67.00 to $94.00 and gave the stock a "neutral" rating in a research report on Wednesday, November 13th. Finally, Wells Fargo & Company raised their target price on shares of Shopify from $90.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Shopify currently has a consensus rating of "Moderate Buy" and a consensus target price of $94.95.

Shopify Price Performance

NYSE SHOP traded up $2.59 during midday trading on Thursday, hitting $106.53. The company had a trading volume of 9,260,021 shares, compared to its average volume of 9,346,429. The firm has a 50-day moving average price of $84.11 and a 200-day moving average price of $71.71. The company has a market capitalization of $137.47 billion, a PE ratio of 97.17, a P/E/G ratio of 3.09 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62.

Institutional Trading of Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. Baillie Gifford & Co. boosted its stake in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker's stock valued at $5,078,176,000 after buying an additional 8,131,160 shares during the period. FMR LLC boosted its position in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker's stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker's stock worth $2,642,265,000 after purchasing an additional 5,982,434 shares in the last quarter. TD Asset Management Inc increased its position in shares of Shopify by 6.9% in the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker's stock worth $572,263,000 after purchasing an additional 559,917 shares during the last quarter. Finally, Legal & General Group Plc raised its stake in Shopify by 1.8% in the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker's stock valued at $544,017,000 after purchasing an additional 145,618 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

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.