Shopify (NYSE:SHOP) Rating Lowered to Hold at BNP Paribas

Shopify (NYSE:SHOP) (TSE:SHOP) was downgraded by investment analysts at BNP Paribas from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other brokerages have also issued reports on SHOP. Oppenheimer decreased their target price on shares of Shopify from $150.00 to $125.00 and set an “outperform” rating for the company in a research report on Wednesday, April 30th. Morgan Stanley decreased their price objective on shares of Shopify from $144.00 to $106.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Robert W. Baird boosted their target price on Shopify from $126.00 to $135.00 and gave the stock an “outperform” rating in a report on Wednesday, February 12th. Royal Bank of Canada cut their target price on Shopify from $145.00 to $125.00 and set an “outperform” rating for the company in a research report on Thursday, April 17th. Finally, Evercore ISI lifted their price target on Shopify from $125.00 to $140.00 and gave the company an “outperform” rating in a research report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Shopify has a consensus rating of “Moderate Buy” and a consensus target price of $117.11.

Shopify Trading Down 0.9 %

SHOP opened at $98.38 on Monday. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The stock has a market cap of $127.38 billion, a PE ratio of 63.47, a price-to-earnings-growth ratio of 4.82 and a beta of 2.66. The business’s 50 day moving average is $94.41 and its 200-day moving average is $102.70.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a net margin of 22.74% and a return on equity of 12.00%. As a group, analysts forecast that Shopify will post 1.12 EPS for the current year.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently modified their holdings of the stock. Allianz SE purchased a new position in Shopify in the fourth quarter valued at about $27,000. PFG Private Wealth Management LLC lifted its holdings in shares of Shopify by 3,657.1% during the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker’s stock valued at $28,000 after buying an additional 256 shares during the last quarter. Fourth Dimension Wealth LLC bought a new stake in shares of Shopify in the 4th quarter valued at approximately $30,000. Mark Sheptoff Financial Planning LLC increased its holdings in Shopify by 50.0% in the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after buying an additional 100 shares during the last quarter. Finally, New Wave Wealth Advisors LLC bought a new position in Shopify during the fourth quarter valued at approximately $39,000. 69.27% of the stock is owned by institutional investors and hedge funds.

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.