Fintel reports that on August 2, 2023, RBC Capital maintained coverage of Shopify Inc - (NYSE:SHOP) with a Outperform recommendation.
Analyst Price Forecast Suggests 18.48% Upside
As of August 2, 2023, the average one-year price target for Shopify Inc - is 65.40. The forecasts range from a low of 41.41 to a high of $84.00. The average price target represents an increase of 18.48% from its latest reported closing price of 55.20.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Shopify Inc - is 6,783MM, an increase of 7.62%. The projected annual non-GAAP EPS is 0.03.
What is the Fund Sentiment?
There are 1562 funds or institutions reporting positions in Shopify Inc -. This is an increase of 87 owner(s) or 5.90% in the last quarter. Average portfolio weight of all funds dedicated to SHOP is 0.57%, a decrease of 9.51%. Total shares owned by institutions decreased in the last three months by 0.03% to 929,866K shares. 
The put/call ratio of SHOP is 0.91, indicating a bullish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 65,551K shares representing 5.11% ownership of the company. In it's prior filing, the firm reported owning 71,116K shares, representing a decrease of 8.49%. The firm increased its portfolio allocation in SHOP by 17.02% over the last quarter.
Capital Research Global Investors holds 61,260K shares representing 4.78% ownership of the company. In it's prior filing, the firm reported owning 62,619K shares, representing a decrease of 2.22%. The firm increased its portfolio allocation in SHOP by 27.58% over the last quarter.
AEPGX - EUROPACIFIC GROWTH FUND holds 43,992K shares representing 3.43% ownership of the company. In it's prior filing, the firm reported owning 44,470K shares, representing a decrease of 1.09%. The firm increased its portfolio allocation in SHOP by 28.09% over the last quarter.
Capital World Investors holds 29,575K shares representing 2.31% ownership of the company. In it's prior filing, the firm reported owning 27,416K shares, representing an increase of 7.30%. The firm increased its portfolio allocation in SHOP by 44.47% over the last quarter.
Price T Rowe Associates holds 28,791K shares representing 2.24% ownership of the company. In it's prior filing, the firm reported owning 24,597K shares, representing an increase of 14.57%. The firm increased its portfolio allocation in SHOP by 50.44% 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.
Additional reading:
- Condensed Consolidated Financial Statements June 30, 2023 Shopify Inc. Condensed Consolidated Balance Sheets (Expressed in US millions, except share amounts) As at June 30, 2023 December 31, 2022 $ $ Assets Current assets Cash and cash equivalents 1,
- MANAGEMENT’S DISCUSSION AND ANALYSIS
- Shopify Announces Second-Quarter 2023 Financial Results Revenues Up 31% Year-Over-Year; Cashflow Positive for Third Consecutive Quarter
- Shopify Announces Results of its 2023 Annual Meeting of Shareholders
- SHOPIFY INC. Annual Meeting of Shareholders Report of Voting Results
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
