Fintel reports that on April 29, 2024, Citigroup upgraded their outlook for Shopify (NYSE:SHOP) from Neutral to Buy.
Analyst Price Forecast Suggests 15.98% Upside
As of April 17, 2024, the average one-year price target for Shopify is 84.07. The forecasts range from a low of 60.60 to a high of $105.00. The average price target represents an increase of 15.98% from its latest reported closing price of 72.48.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Shopify is 8,356MM, an increase of 18.36%. The projected annual non-GAAP EPS is 0.12.
What is the Fund Sentiment?
There are 1,797 funds or institutions reporting positions in Shopify. This is an increase of 136 owner(s) or 8.19% in the last quarter. Average portfolio weight of all funds dedicated to SHOP is 0.61%, an increase of 5.87%. Total shares owned by institutions increased in the last three months by 4.45% to 987,673K shares. 
The put/call ratio of SHOP is 0.76, indicating a bullish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 64,165K shares representing 4.98% ownership of the company. In its prior filing, the firm reported owning 62,745K shares , representing an increase of 2.21%. The firm increased its portfolio allocation in SHOP by 26.79% over the last quarter.
Capital World Investors holds 39,425K shares representing 3.06% ownership of the company. In its prior filing, the firm reported owning 30,635K shares , representing an increase of 22.29%. The firm increased its portfolio allocation in SHOP by 64.94% over the last quarter.
Capital Research Global Investors holds 38,257K shares representing 2.97% ownership of the company. In its prior filing, the firm reported owning 42,832K shares , representing a decrease of 11.96%. The firm increased its portfolio allocation in SHOP by 13.93% over the last quarter.
Jpmorgan Chase holds 29,861K shares representing 2.32% ownership of the company. In its prior filing, the firm reported owning 29,184K shares , representing an increase of 2.27%. The firm increased its portfolio allocation in SHOP by 27.20% over the last quarter.
Price T Rowe Associates holds 28,257K shares representing 2.19% ownership of the company. In its prior filing, the firm reported owning 31,997K shares , representing a decrease of 13.23%. The firm increased its portfolio allocation in SHOP by 15.59% over the last quarter.
Shopify Background Information
(This description is provided by the company.)
Shopify is a leading global commerce company, providing trusted tools to start, grow, market, and manage a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for reliability, while delivering a better shopping experience for consumers everywhere. Headquartered in Ottawa, Canada, Shopify powers over one million businesses in more than 175 countries and is trusted by brands such as Allbirds, Gymshark, PepsiCo, Staples and many more.
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This story originally appeared on Fintel.
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