Shopify (SHOP): New Buy Recommendation for This Technology Giant

Brian Anderson - TipRanks - Wed Jun 29, 2022

In a report released today, Scott Devitt from Stifel Nicolaus maintained a Buy rating on Shopify (SHOP – Research Report), with a price target of $65.00. The company's shares closed last Wednesday at $33.35, close to its 52-week low of $29.76.

According to TipRanks.com, Devitt is a 4-star analyst with an average return of 6.4% and a 41.2% success rate. Devitt covers the Technology sector, focusing on stocks such as Zillow Group Class A, Alphabet Class A, and Clear Secure.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Shopify with a $63.58 average price target, representing an 84.8% upside. In a report issued on June 23, RBC Capital also maintained a Buy rating on the stock with a $70.00 price target.

See Insiders’ Hot Stocks on TipRanks >> The company has a one-year high of $176.29 and a one-year low of $29.76. Currently, Shopify has an average volume of 4.15M. Based on the recent corporate insider activity of 242 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of SHOP in relation to earlier this year. TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities. Founded in 2004, Canada-based Shopify, Inc. operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. Read More on SHOP: