Fintel reports that on June 11, 2024, JP Morgan initiated coverage of Shopify (NYSE:SHOP) with a Overweight recommendation.
Analyst Price Forecast Suggests 21.03% Upside
As of June 1, 2024, the average one-year price target for Shopify is 77.25. The forecasts range from a low of 60.60 to a high of $105.00. The average price target represents an increase of 21.03% from its latest reported closing price of 63.83.
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The projected annual revenue for Shopify is 8,356MM, an increase of 12.72%. The projected annual non-GAAP EPS is 0.12.
What is the Fund Sentiment?
There are 1,812 funds or institutions reporting positions in Shopify. This is an increase of 40 owner(s) or 2.26% in the last quarter. Average portfolio weight of all funds dedicated to SHOP is 0.58%, an increase of 4.63%. Total shares owned by institutions decreased in the last three months by 1.03% to 965,427K shares. 
The put/call ratio of SHOP is 0.64, indicating a bullish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 61,387K shares representing 4.76% ownership of the company. In its prior filing, the firm reported owning 64,165K shares , representing a decrease of 4.52%. The firm decreased its portfolio allocation in SHOP by 6.97% over the last quarter.
Capital World Investors holds 49,765K shares representing 3.86% ownership of the company. In its prior filing, the firm reported owning 39,425K shares , representing an increase of 20.78%. The firm increased its portfolio allocation in SHOP by 16.36% over the last quarter.
Price T Rowe Associates holds 34,240K shares representing 2.66% ownership of the company. In its prior filing, the firm reported owning 28,257K shares , representing an increase of 17.47%. The firm increased its portfolio allocation in SHOP by 9.50% over the last quarter.
Capital Research Global Investors holds 33,803K shares representing 2.62% ownership of the company. In its prior filing, the firm reported owning 38,257K shares , representing a decrease of 13.18%. The firm decreased its portfolio allocation in SHOP by 19.51% over the last quarter.
Jpmorgan Chase holds 32,627K shares representing 2.53% ownership of the company. In its prior filing, the firm reported owning 29,861K shares , representing an increase of 8.48%. The firm decreased its portfolio allocation in SHOP by 4.71% 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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