Shopify (SHOP) Stock Forecast & Price Target

$112.08 +1.08 (+0.97%)

(As of 11/26/2024 ET)

Shopify - Analysts' Recommendations and Stock Price Forecast (2024)

MarketBeat calculates consensus analyst ratings for stocks using the most recent rating from each Wall Street analyst that has rated a stock within the last twelve months. Each analyst's rating is normalized to a standardized rating score of 1 (sell), 2 (hold), 3 (buy) or 4 (strong buy). Analyst consensus ratings scores are calculated using the mean average of the number of normalized sell, hold, buy and strong buy ratings from Wall Street analysts. Each stock's consensus analyst rating is derived from its calculated consensus ratings score (0 to .5 = Strong Sell, .5 to 1 = Sell, 1 to 1.5 = Reduce, 1.5 to 2.5 = Hold, 2.5 to 3.0 = Moderate Buy, 3.0 to 3.5 = Buy, >3.5 = Strong Buy). MarketBeat's consensus price targets are a mean average of the most recent available price targets set by each analyst that has set a price target for the stock in the last twelve months. MarketBeat's consensus ratings and consensus price targets may differ from those calculated by other firms due to differences in methodology and available data.

Consensus Rating

Moderate Buy

Based on 41 Analyst Ratings

Sell
1

Hold
16

Buy
24

Based on 41 Wall Street analysts who have issued ratings for Shopify in the last 12 months, the stock has a consensus rating of "Moderate Buy." Out of the 41 analysts, 1 has given a sell rating, 16 have given a hold rating, 23 have given a buy rating, and 1 has given a strong buy rating for SHOP.

Consensus Price Target

$95.84
-14.49% Downside

According to the 41 analysts' twelve-month price targets for Shopify, the average price target is $95.84. The highest price target for SHOP is $135.00, while the lowest price target for SHOP is $65.00. The average price target represents a forecasted downside of -14.49% from the current price of $112.08.

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SHOP Analyst Ratings Over Time

Type	Current Forecast 11/27/23 to 11/26/24	1 Month Ago 10/28/23 to 10/27/24	3 Months Ago 8/29/23 to 8/28/24	1 Year Ago 11/27/22 to 11/27/23
Strong Buy	1 Strong Buy rating(s)	1 Strong Buy rating(s)	1 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	23 Buy rating(s)	23 Buy rating(s)	23 Buy rating(s)	19 Buy rating(s)
Hold	16 Hold rating(s)	15 Hold rating(s)	14 Hold rating(s)	22 Hold rating(s)
Sell	1 Sell rating(s)	1 Sell rating(s)	1 Sell rating(s)	0 Sell rating(s)
Consensus Price Target	$95.84	$80.21	$77.30	$65.09
Forecasted Upside	-14.49% Downside	1.47% Upside	6.56% Upside	-11.81% Downside
Consensus Rating	Moderate Buy	Moderate Buy	Moderate Buy	Hold

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SHOP Analyst Recommendations By Month

The chart below shows how a company's ratings by analysts have changed over time. Each bar represents the previous year of ratings for that month. Within each bar, the sell ratings are shown in red, the hold ratings are shown in yellow, the buy ratings are shown in green, and the strong buy ratings are shown in dark green.

SHOP Price Targets by Month

The chart below shows how a company's share price and consensus price target have changed over time. The dark blue line represents the company's actual price. The lighter blue line represents the stock's consensus price target. The even lighter blue range in the background of the two lines represents the low price target and the high price target for each stock.

Shopify Stock vs. The Competition

Type	Shopify	Computer and Technology Companies	S&P 500
Consensus Rating Score	2.59	2.67	2.50
Consensus Rating	Moderate Buy	Moderate Buy	Moderate Buy
Predicted Upside	-14.49% Downside	281.23% Upside	6.71% Upside
News Sentiment Rating	Positive News See Recent SHOP News	Positive News	Positive News

Recent Analyst Forecasts and Stock Ratings

Rating

Upside/Downside

Action

Time Frame

Start Date

End Date

Show

Export to Excel

Date	Brokerage	Analyst Name	Action	Rating	Price Target	Upside/Downside on Report Date
11/26/2024	Moffett Nathanson 2 of 5 stars	M. Morton Subscribe to MarketBeat All Access for the recommendation accuracy rating	Boost Target	Neutral ➝ Neutral	$86.00 ➝ $99.00	-10.92%
11/21/2024	DZ Bank 4 of 5 stars		Downgrade	Hold ➝ Sell
11/13/2024	The Goldman Sachs Group 2 of 5 stars		Boost Target	Buy ➝ Buy	$88.00 ➝ $135.00	+19.48%
11/13/2024	Truist Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Hold ➝ Hold	$65.00 ➝ $110.00	-2.65%
11/13/2024	JMP Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Market Outperform ➝ Market Outperform	$80.00 ➝ $120.00	+6.20%
11/13/2024	Wells Fargo & Company Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$90.00 ➝ $120.00	+6.20%
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11/13/2024	Royal Bank of Canada Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform ➝ Outperform	$100.00 ➝ $130.00	+17.58%
11/13/2024	KeyCorp Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$80.00 ➝ $130.00	+17.58%
11/13/2024	Barclays Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Equal Weight ➝ Equal Weight	$70.00 ➝ $93.00	-15.88%
11/13/2024	Canaccord Genuity Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$80.00 ➝ $125.00	+12.21%
11/13/2024	Mizuho Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Neutral ➝ Neutral	$68.00 ➝ $105.00	-2.99%
11/13/2024	Piper Sandler Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Neutral ➝ Neutral	$67.00 ➝ $94.00	-13.16%
11/13/2024	Oppenheimer Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform ➝ Outperform	$90.00 ➝ $130.00	+20.10%
11/13/2024	Robert W. Baird Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform ➝ Outperform	$90.00 ➝ $126.00	+16.41%
11/12/2024	Atb Cap Markets Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Toner Subscribe to MarketBeat All Access for the recommendation accuracy rating	Downgrade	Strong-Buy ➝ Hold
11/12/2024	Wedbush Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Neutral	$72.00 ➝ $115.00	+6.25%
10/24/2024	Scotiabank Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Sector Perform ➝ Sector Perform	$75.00 ➝ $80.00	+0.26%
10/9/2024	Loop Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Hold ➝ Hold	$80.00 ➝ $90.00	+8.70%
10/7/2024	Cantor Fitzgerald Subscribe to MarketBeat All Access for the recommendation accuracy rating	D. Mathivanan Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Neutral ➝ Neutral	$70.00 ➝ $70.00	-13.52%
9/30/2024	Citigroup Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$90.00 ➝ $103.00	+29.84%
9/17/2024	Redburn Atlantic Subscribe to MarketBeat All Access for the recommendation accuracy rating	F. Kunwar Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	Neutral ➝ Buy	$99.00	+34.53%
8/20/2024	JPMorgan Chase & Co. Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$74.00 ➝ $76.00	+1.54%
8/8/2024	Argus Subscribe to MarketBeat All Access for the recommendation accuracy rating	J. Kelleher Subscribe to MarketBeat All Access for the recommendation accuracy rating	Upgrade	Strong-Buy
8/8/2024	Evercore Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$75.00 ➝ $80.00	+17.18%
8/8/2024	Deutsche Bank Aktiengesellschaft Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$80.00 ➝ $85.00	+25.31%
8/8/2024	Roth Mkm Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$77.00 ➝ $79.00	+18.23%
8/8/2024	Evercore ISI Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Mahaney Subscribe to MarketBeat All Access for the recommendation accuracy rating	Boost Target	Outperform ➝ Outperform	$75.00 ➝ $80.00	+22.81%
8/8/2024	UBS Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Neutral ➝ Neutral	$71.00 ➝ $75.00	+14.94%
8/8/2024	Morgan Stanley Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$80.00 ➝ $85.00	+33.08%
8/6/2024	Benchmark Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Hold
7/16/2024	Wolfe Research Subscribe to MarketBeat All Access for the recommendation accuracy rating	S. Khajuria Subscribe to MarketBeat All Access for the recommendation accuracy rating	Initiated Coverage	Outperform	$80.00	+24.56%
7/16/2024	Bank of America Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Neutral ➝ Buy	$78.00 ➝ $82.00	+27.68%
5/9/2024	CIBC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Outperformer ➝ Outperformer	$100.00 ➝ $85.00	+36.13%
5/9/2024	DA Davidson Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Buy ➝ Buy	$90.00 ➝ $84.00	+34.53%
5/9/2024	TD Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Hold ➝ Hold	$80.00 ➝ $72.00	+15.16%
5/9/2024	Needham & Company LLC Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Hold
5/2/2024	BNP Paribas Subscribe to MarketBeat All Access for the recommendation accuracy rating		Upgrade	Underperform ➝ Outperform
2/14/2024	ATB Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Sector Perform	$105.00 ➝ $110.00	+37.36%
2/14/2024	Roth Capital Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy	$85.00 ➝ $89.00	+11.14%
1/26/2024	National Bankshares Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform	$80.00 ➝ $100.00	+22.13%
The Great AI-Energy Collision (Ad) The biggest players in AI and tech are desperate to bring this limitless power source online. And fast. It’s the only way they can compete in their race for AI dominance. A handful of energy stocks are going to emerge from this transformation to dominate the sector. Get the full story here, while you still can.
1/5/2024	Jefferies Financial Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Hold	$65.00 ➝ $80.00	+6.91%
12/6/2023	Stifel Nicolaus Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$65.00 ➝ $75.00	+3.91%
10/25/2023	Veritas Investment Research Subscribe to MarketBeat All Access for the recommendation accuracy rating		Set Target	Buy	$52.00	+6.80%
7/14/2023	Credit Suisse Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Neutral	$53.00 ➝ $55.00	-21.83%
5/9/2023	888 Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Maintains
5/9/2023	Atlantic Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating		Downgrade	Overweight ➝ Neutral	$55.00 ➝ $65.00	+0.96%
5/5/2023	58.com Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Maintains
5/5/2023	National Bank Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$60.00 ➝ $80.00	+39.62%
1/25/2023	William Blair Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Pfau Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Outperform
12/8/2022	Capital One Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Initiated Coverage	Equal Weight

Analyst ratings data on MarketBeat is provided by Benzinga and other data providers. This page was last refreshed on Tuesday at 11:32 PM ET.

Should I Buy Shopify Stock? SHOP Pros and Cons Explained

These pros and cons were generated based on recent news and financial data from MarketBeat in order to provide readers with the fastest and most accurate insights. They were last updated on Thursday, November 21, 2024. Please send any questions or comments about these Shopify pros and cons to contact@marketbeat.com.

Shopify
Bull Case

Here are some ways that investors could benefit from investing in Shopify Inc.:

Shopify Inc. has received multiple upgrades from analysts, with price targets raised significantly, indicating strong market confidence. For instance, Royal Bank of Canada increased its target from $100.00 to $130.00, suggesting potential for substantial price appreciation.
The company reported earnings per share (EPS) of $0.27, exceeding expectations of $0.18, which reflects strong operational performance and profitability. This positive earnings surprise can lead to increased investor interest and stock price growth.
Shopify Inc. has a robust market capitalization of approximately $139.98 billion, indicating its strong position in the market and potential for continued growth. A high market cap often suggests stability and investor confidence.
The stock is currently trading around $99.00, which is close to the consensus target price of $94.95, suggesting that it may be fairly valued with room for growth based on analyst projections.
With a net margin of 16.84% and a return on equity of 11.60%, Shopify Inc. demonstrates effective management and profitability, which are attractive traits for investors looking for solid financial performance.

Shopify
Bear Case

Investors should be bearish about investing in Shopify Inc. for these reasons:

The stock has a high price-to-earnings (P/E) ratio of 101.39, which may indicate that it is overvalued compared to its earnings. High P/E ratios can suggest that investors are paying a premium for growth, which may not be sustainable.
Despite recent upgrades, one analyst has issued a sell rating, highlighting potential concerns about the stock's future performance. Divergent opinions among analysts can create uncertainty for investors.
Shopify Inc. has a beta of 2.36, indicating higher volatility compared to the market. This means that the stock price may experience larger fluctuations, which can be risky for investors seeking stability.
With a debt-to-equity ratio of 0.10, while low debt is generally positive, it may also indicate that the company is not leveraging debt to fuel growth, potentially limiting expansion opportunities.
Recent trading volumes have been high, with 10,760,104 shares traded compared to an average of 9,362,406. While this can indicate interest, it may also suggest speculative trading, which can lead to increased volatility and risk.

SHOP Forecast - Frequently Asked Questions

: According to the research reports of 41 Wall Street equities research analysts, the average twelve-month stock price forecast for Shopify is $95.84, with a high forecast of $135.00 and a low forecast of $65.00.
: 41 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Shopify in the last year. There is currently 1 sell rating, 16 hold ratings, 23 buy ratings and 1 strong buy rating for the stock. The consensus among Wall Street analysts is that investors should "moderate buy" SHOP shares.
: According to analysts, Shopify's stock has a predicted downside of -14.49% based on their 12-month stock forecasts.
: Over the previous 90 days, Shopify's stock had 2 downgrades and 1 upgrade by analysts.
: Shopify has been rated by research analysts at Atb Cap Markets, Barclays, Canaccord Genuity Group, Cantor Fitzgerald, Citigroup, DZ Bank, JMP Securities, KeyCorp, Loop Capital, Mizuho, Moffett Nathanson, Oppenheimer, Piper Sandler, Redburn Atlantic, Robert W. Baird, Royal Bank of Canada, Scotiabank, The Goldman Sachs Group, Truist Financial, Wedbush, and Wells Fargo & Company in the past 90 days.
: Analysts like Shopify less than other "computer and technology" companies. The consensus rating score for Shopify is 2.59 while the average consensus rating score for "computer and technology" companies is 2.67. Learn more on how SHOP compares to other companies.

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This page (NYSE:SHOP) was last updated on 11/26/2024 by MarketBeat.com Staff

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Shopify (SHOP) Stock Forecast & Price Target