Fintel reports that on August 31, 2023, Canaccord Genuity upgraded their outlook for Shopify Inc – (NYSE:SHOP) from Hold to Buy.

Analyst Price Forecast Suggests 13.05% Upside

As of August 31, 2023, the average one-year price target for Shopify Inc – is 67.84. The forecasts range from a low of 41.41 to a high of $84.00. The average price target represents an increase of 13.05% from its latest reported closing price of 60.01.

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 1614 funds or institutions reporting positions in Shopify Inc -. This is an increase of 114 owner(s) or 7.60% in the last quarter. Average portfolio weight of all funds dedicated to SHOP is 0.59%, a decrease of 0.39%. Total shares owned by institutions decreased in the last three months by 0.07% to 933,619K shares. The put/call ratio of SHOP is 0.90, 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 213.56% over the last quarter.

Capital Research Global Investors holds 47,186K shares representing 3.68% ownership of the company. In it’s prior filing, the firm reported owning 61,260K shares, representing a decrease of 29.82%. The firm decreased its portfolio allocation in SHOP by 2.54% over the last quarter.

Price T Rowe Associates holds 33,547K shares representing 2.62% ownership of the company. In it’s prior filing, the firm reported owning 28,791K shares, representing an increase of 14.18%. The firm increased its portfolio allocation in SHOP by 229.74% over the last quarter.

AEPGX – EUROPACIFIC GROWTH FUND holds 30,702K shares representing 2.39% ownership of the company. In it’s prior filing, the firm reported owning 43,992K shares, representing a decrease of 43.29%. The firm decreased its portfolio allocation in SHOP by 5.18% over the last quarter.

Capital World Investors holds 28,223K shares representing 2.20% ownership of the company. In it’s prior filing, the firm reported owning 29,575K shares, representing a decrease of 4.79%. The firm increased its portfolio allocation in SHOP by 19.66% 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.

This article originally appeared on Fintel

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