Shopify (NYSE:SHOP) Rating Lowered to Neutral at Credit Suisse Group

Shopify (NYSE:SHOP) (TSE:SHOP) was downgraded by research analysts at Credit Suisse Group from an “outperform” rating to a “neutral” rating in a report released on Wednesday, MarketBeat reports. They currently have a $575.00 price objective on the software maker’s stock, up from their previous price objective of $450.00. Credit Suisse Group’s target price points to a potential upside of 7.89% from the company’s previous close. The analysts noted that the move was a valuation call.

SHOP has been the topic of several other reports. Canaccord Genuity upped their price objective on shares of Shopify from $385.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday. Mizuho initiated coverage on shares of Shopify in a research note on Thursday, January 9th. They issued a “neutral” rating and a $410.00 price target on the stock. Loop Capital initiated coverage on shares of Shopify in a research note on Wednesday, January 15th. They issued a “hold” rating and a $420.00 price target on the stock. Robert W. Baird upped their price target on shares of Shopify from to in a research note on Tuesday, January 21st. Finally, Royal Bank of Canada upped their price target on shares of Shopify from $400.00 to $650.00 and gave the company an “outperform” rating in a research note on Wednesday. Three equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating and fourteen have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $460.46.

NYSE:SHOP opened at $532.97 on Wednesday. Shopify has a one year low of $169.56 and a one year high of $593.89. The company has a market cap of $56.71 billion, a P/E ratio of -471.65 and a beta of 1.19. The firm’s fifty day moving average price is $449.15 and its two-hundred day moving average price is $368.66. The company has a debt-to-equity ratio of 0.04, a current ratio of 11.21 and a quick ratio of 11.21.

A number of large investors have recently added to or reduced their stakes in the business. First Trust Advisors LP boosted its holdings in Shopify by 15.6% in the 1st quarter. First Trust Advisors LP now owns 3,499 shares of the software maker’s stock valued at $723,000 after purchasing an additional 472 shares during the period. Valeo Financial Advisors LLC lifted its holdings in shares of Shopify by 267.0% during the 3rd quarter. Valeo Financial Advisors LLC now owns 701 shares of the software maker’s stock worth $218,000 after acquiring an additional 510 shares during the period. Signaturefd LLC lifted its holdings in shares of Shopify by 421.5% during the 3rd quarter. Signaturefd LLC now owns 631 shares of the software maker’s stock worth $197,000 after acquiring an additional 510 shares during the period. Wealthcare Advisory Partners LLC lifted its holdings in shares of Shopify by 925.0% during the 3rd quarter. Wealthcare Advisory Partners LLC now owns 205 shares of the software maker’s stock worth $64,000 after acquiring an additional 185 shares during the period. Finally, Winfield Associates Inc. bought a new position in shares of Shopify during the 3rd quarter worth about $461,000. 57.36% of the stock is owned by institutional investors and hedge funds.

Shopify Company Profile

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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Analyst Recommendations for Shopify (NYSE:SHOP)

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