Market Analysts see Shopify Inc. [SHOP] gaining to $30. Time to buy?

Shopify Inc. [NYSE: SHOP] price plunged by -3.00 percent to reach at -$1.13. The company report on October 27, 2022 that Shopify Reports Third Quarter 2022 Financial Results.

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GMV growth fueled by omnichannel capabilities and merchants adopting more solutions to run their businesses.

Shopify reports in U.S. dollars and in accordance with U.S. GAAP.

The one-year SHOP stock forecast points to a potential upside of 9.99. The average equity rating for SHOP stock is currently 2.50, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Shopify Inc. [SHOP]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SHOP shares is $40.65 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SHOP stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

MoffettNathanson have made an estimate for Shopify Inc. shares, keeping their opinion on the stock as Market Perform, with their previous recommendation back on November 15, 2022. The new note on the price target was released on August 11, 2022, representing the official price target for Shopify Inc. stock. Previously, the target price had yet another drop from $38 to $32, while Piper Sandler kept a Neutral rating on SHOP stock. On July 27, 2022, analysts decreased their price target for SHOP shares from 50 to 45.

The Average True Range (ATR) for Shopify Inc. is set at 2.49, with the Price to Sales ratio for SHOP stock in the period of the last 12 months amounting to 9.05. The Price to Book ratio for the last quarter was 5.34, with the Price to Cash per share for the same quarter was set at 3.81.

SHOP Stock Performance Analysis:

Shopify Inc. [SHOP] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.23. With this latest performance, SHOP shares gained by 23.07% in over the last four-week period, additionally plugging by 0.56% over the last 6 months – not to mention a drop of -78.24% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SHOP stock in for the last two-week period is set at 57.18, with the RSI for the last a single of trading hit 55.68, and the three-weeks RSI is set at 56.49 for Shopify Inc. [SHOP]. The present Moving Average for the last 50 days of trading for this stock 31.35, while it was recorded at 38.25 for the last single week of trading, and 43.26 for the last 200 days.

Insight into Shopify Inc. Fundamentals:

Shopify Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 6.60 and a Current Ratio set at 6.60.

Shopify Inc. [SHOP] Insider Position Details

There are presently around $26,536 million, or 65.90% of SHOP stock, in the hands of institutional investors. The top three institutional holders of SHOP stocks are: MORGAN STANLEY with ownership of 74,826,518, which is approximately 2.511% of the company’s market cap and around 0.18% of the total institutional ownership; BAILLIE GIFFORD & CO, holding 64,511,049 shares of the stock with an approximate value of $2.36 billion in SHOP stocks shares; and CAPITAL RESEARCH GLOBAL INVESTORS, currently with $1.93 billion in SHOP stock with ownership of nearly 39.195% of the company’s market capitalization.

463 institutional holders increased their position in Shopify Inc. [NYSE:SHOP] by around 107,992,805 shares. Additionally, 458 investors decreased positions by around 85,603,160 shares, while 142 investors held positions by with 531,631,062 shares. The mentioned changes placed institutional holdings at 725,227,027 shares, according to the latest SEC report filing. SHOP stock had 94 new institutional investments in for a total of 8,127,723 shares, while 176 institutional investors sold positions of 28,225,424 shares during the same period.


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