Fintel reports that on January 6, 2025, Wedbush upgraded their outlook for Shopify (NYSE:SHOP) from Neutral to Outperform.
Analyst Price Forecast Suggests 5.18% Upside
As of December 22, 2024, the average one-year price target for Shopify is $120.19/share. The forecasts range from a low of $80.80 to a high of $152.25. The average price target represents an increase of 5.18% from its latest reported closing price of $114.27 / share.
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The projected annual revenue for Shopify is 9,539MM, an increase of 16.16%. The projected annual non-GAAP EPS is 0.26.
What is the Fund Sentiment?
There are 1,860 funds or institutions reporting positions in Shopify. This is an increase of 30 owner(s) or 1.64% in the last quarter. Average portfolio weight of all funds dedicated to SHOP is 0.57%, an increase of 13.08%. Total shares owned by institutions increased in the last three months by 6.30% to 1,001,811K shares. 
The put/call ratio of SHOP is 0.94, indicating a bullish outlook.
What are Other Shareholders Doing?
Baillie Gifford holds 63,366K shares representing 5.22% ownership of the company. In its prior filing, the firm reported owning 55,235K shares , representing an increase of 12.83%. The firm increased its portfolio allocation in SHOP by 33.71% over the last quarter.
Capital World Investors holds 52,606K shares representing 4.34% ownership of the company. In its prior filing, the firm reported owning 48,705K shares , representing an increase of 7.41%. The firm increased its portfolio allocation in SHOP by 24.59% over the last quarter.
Price T Rowe Associates holds 47,769K shares representing 3.94% ownership of the company. In its prior filing, the firm reported owning 45,527K shares , representing an increase of 4.69%. The firm increased its portfolio allocation in SHOP by 22.49% over the last quarter.
Capital International Investors holds 35,548K shares representing 2.93% ownership of the company. In its prior filing, the firm reported owning 27,077K shares , representing an increase of 23.83%. The firm increased its portfolio allocation in SHOP by 48.47% over the last quarter.
Capital Research Global Investors holds 34,602K shares representing 2.85% ownership of the company. In its prior filing, the firm reported owning 36,334K shares , representing a decrease of 5.01%. The firm increased its portfolio allocation in SHOP by 9.44% 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.
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This story originally appeared on Fintel.
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