Cantor Fitzgerald Reaffirms “Neutral” Rating for Shopify (NYSE:SHOP)

Shopify (NYSE:SHOP) (TSE:SHOP)‘s stock had its “neutral” rating reaffirmed by investment analysts at Cantor Fitzgerald in a note issued to investors on Wednesday,Benzinga reports. They currently have a $91.00 price objective on the software maker’s stock. Cantor Fitzgerald’s price target would suggest a potential downside of 16.67% from the stock’s previous close.

Other analysts have also recently issued reports about the stock. CIBC upped their price target on shares of Shopify from $135.00 to $160.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 12th. BNP Paribas Exane lowered shares of Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 target price for the company. in a research note on Monday, May 5th. Royal Bank of Canada dropped their price target on Shopify from $145.00 to $125.00 and set an “outperform” rating on the stock in a research report on Thursday, April 17th. TD Securities lifted their price objective on shares of Shopify from $100.00 to $130.00 and gave the company a “hold” rating in a research report on Wednesday, February 12th. Finally, Morgan Stanley boosted their price target on Shopify from $106.00 to $112.00 and gave the stock an “overweight” rating in a research report on Friday, May 9th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has a consensus rating of “Moderate Buy” and an average target price of $115.39.

Shopify Trading Down 4.3%

Shares of Shopify stock opened at $109.21 on Wednesday. The stock has a market capitalization of $141.41 billion, a P/E ratio of 70.46, a PEG ratio of 4.82 and a beta of 2.63. Shopify has a twelve month low of $48.56 and a twelve month high of $129.38. The business’s fifty day moving average price is $98.07 and its 200 day moving average price is $105.14.

Institutional Trading of Shopify

A number of hedge funds have recently made changes to their positions in the stock. Capital World Investors grew its stake in Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after purchasing an additional 496,982 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Shopify by 1.9% in the first quarter. Vanguard Group Inc. now owns 47,962,280 shares of the software maker’s stock worth $4,563,106,000 after purchasing an additional 882,168 shares during the period. FMR LLC grew its stake in shares of Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock worth $4,653,054,000 after acquiring an additional 1,426,000 shares during the last quarter. Capital International Investors raised its stake in Shopify by 2.7% during the 4th quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after purchasing an additional 968,026 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted 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 valued at $1,752,834,000 after purchasing an additional 7,316,862 shares during the period. 69.27% of the stock is owned by hedge funds and other 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.