Shopify (SHOP) Stock Forecast & Price Target

$80.40

+0.53 (+0.66%)

(As of 10/29/2024 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 40 Analyst Ratings

Sell
1

Hold
15

Buy
24

Based on 40 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 40 analysts, 1 has given a sell rating, 15 have given a hold rating, 23 have given a buy rating, and 1 has given a strong buy rating for SHOP.

Consensus Price Target

$80.21
-0.24% Downside

According to the 40 analysts' twelve-month price targets for Shopify, the average price target is $80.21. The highest price target for SHOP is $110.00, while the lowest price target for SHOP is $50.00. The average price target represents a forecasted downside of -0.24% from the current price of $80.40.

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SHOP Analyst Ratings Over Time

Type	Current Forecast 10/31/23 to 10/30/24	1 Month Ago 10/1/23 to 9/30/24	3 Months Ago 8/2/23 to 8/1/24	1 Year Ago 10/31/22 to 10/31/23
Strong Buy	1 Strong Buy rating(s)	1 Strong Buy rating(s)	0 Strong Buy rating(s)	0 Strong Buy rating(s)
Buy	23 Buy rating(s)	24 Buy rating(s)	23 Buy rating(s)	19 Buy rating(s)
Hold	15 Hold rating(s)	15 Hold rating(s)	14 Hold rating(s)	21 Hold rating(s)
Sell	1 Sell rating(s)	1 Sell rating(s)	1 Sell rating(s)	1 Sell rating(s)
Consensus Price Target	$80.21	$78.26	$77.62	$64.20
Forecasted Upside	-0.24% Downside	-2.36% Downside	33.49% Upside	36.01% Upside
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	2.60	2.67	2.50
Consensus Rating	Moderate Buy	Moderate Buy	Hold
Predicted Upside	-0.24% Downside	688.56% Upside	8.91% 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
10/24/2024	Scotiabank 5 of 5 stars		Boost Target	Sector Perform ➝ Sector Perform	$75.00 ➝ $80.00	+0.26%
10/18/2024	Royal Bank of Canada 4 of 5 stars	Paul Treiber Subscribe to MarketBeat All Access for the recommendation accuracy rating	Boost Target	Outperform ➝ Outperform	$85.00 ➝ $100.00	+20.89%
10/9/2024	Loop Capital 2 of 5 stars		Boost Target	Hold ➝ Hold	$80.00 ➝ $90.00	+8.70%
10/9/2024	Robert W. Baird Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Outperform ➝ Outperform	$79.00 ➝ $90.00	+8.99%
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%
10/1/2024	Barclays Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Equal Weight ➝ Equal Weight	$65.00 ➝ $70.00	-10.85%
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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%
9/11/2024	Wells Fargo & Company Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Overweight ➝ Overweight	$80.00 ➝ $90.00	+31.98%
9/10/2024	JMP Securities Subscribe to MarketBeat All Access for the recommendation accuracy rating	A. Boone Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Market Outperform ➝ Market Outperform	$80.00 ➝ $80.00	+18.50%
8/29/2024	Piper Sandler Subscribe to MarketBeat All Access for the recommendation accuracy rating	C. Jeffries Subscribe to MarketBeat All Access for the recommendation accuracy rating	Reiterated Rating	Neutral ➝ Neutral	$67.00 ➝ $67.00	-7.64%
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%
8/9/2024	DZ Bank Subscribe to MarketBeat All Access for the recommendation accuracy rating		Downgrade	Hold ➝ Sell
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%
8/7/2024	Wedbush Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Neutral	$68.00 ➝ $72.00	+12.69%
8/6/2024	Truist Financial Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Hold ➝ Hold	$65.00 ➝ $55.00	+1.25%
8/6/2024	Benchmark Subscribe to MarketBeat All Access for the recommendation accuracy rating		Reiterated Rating	Hold
7/25/2024	KeyCorp Subscribe to MarketBeat All Access for the recommendation accuracy rating		Initiated Coverage	Overweight	$80.00	+34.98%
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%
6/6/2024	Moffett Nathanson Subscribe to MarketBeat All Access for the recommendation accuracy rating	M. Morton Subscribe to MarketBeat All Access for the recommendation accuracy rating	Downgrade	Buy ➝ Neutral	$74.00 ➝ $65.00	+6.12%
5/28/2024	The Goldman Sachs Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target	Buy ➝ Buy	$67.00 ➝ $74.00	+27.70%
5/9/2024	Canaccord Genuity Group Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Buy ➝ Buy	$90.00 ➝ $80.00	+28.12%
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
5/9/2024	Mizuho Subscribe to MarketBeat All Access for the recommendation accuracy rating		Lower Target	Neutral ➝ Neutral	$75.00 ➝ $65.00	+3.49%
5/8/2024	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	Upgrade	Sector Perform ➝ Outperform
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%
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%
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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%
6/20/2023	Oppenheimer Subscribe to MarketBeat All Access for the recommendation accuracy rating		Boost Target		$70.00 ➝ $80.00	+23.63%
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 Wednesday at 05:15 AM 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 Sunday, October 20, 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 shown consistent revenue growth over the past year, indicating a strong business performance.
Shopify's stock price has been on an upward trend, reaching a one-year high of $91.57, which may signal positive investor sentiment.
Institutional investors, such as Capital World Investors and Vanguard Group Inc., have been increasing their holdings in Shopify, reflecting confidence in the company's future prospects.
Analysts have issued buy ratings for Shopify, with a consensus price target of $78.97, suggesting potential for stock price appreciation.
Shopify's debt-to-equity ratio of 0.10 indicates a conservative financial structure, reducing financial risk for investors.

Shopify
Bear Case

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

Seaport Res Ptn recently decreased their Q4 2024 earnings per share estimates for Shopify, which could indicate potential challenges in the company's financial performance.
Shopify's P/E ratio of -490.74 may raise concerns about the stock being overvalued compared to industry peers.
While Shopify has shown revenue growth, its net margin of 16.40% may be considered relatively low, impacting profitability.
Some analysts have issued hold ratings for Shopify, suggesting a more cautious outlook on the stock's future performance.
Shopify's beta of 2.36 indicates higher volatility compared to the market average, which may pose risks for investors seeking stability.

SHOP Forecast - Frequently Asked Questions

: According to the research reports of 40 Wall Street equities research analysts, the average twelve-month stock price forecast for Shopify is $80.21, with a high forecast of $110.00 and a low forecast of $50.00.
: 40 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for Shopify in the last twelve months. There is currently 1 sell rating, 15 hold ratings, 23 buy ratings and 1 strong buy rating for the stock. The consensus among Wall Street research analysts is that investors should "moderate buy" SHOP shares.
: According to analysts, Shopify's stock has a predicted downside of -0.24% based on their 12-month stock forecasts.
: Over the previous 90 days, Shopify's stock had 2 upgrades and 1 downgrade by analysts.
: Shopify has been rated by research analysts at Argus, Barclays, Benchmark, Cantor Fitzgerald, Citigroup, Deutsche Bank Aktiengesellschaft, DZ Bank, Evercore, Evercore ISI, JMP Securities, JPMorgan Chase & Co., Loop Capital, Morgan Stanley, Piper Sandler, Redburn Atlantic, Robert W. Baird, Roth Mkm, Royal Bank of Canada, Scotiabank, Truist Financial, UBS Group, 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 2.60 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 10/30/2024 by MarketBeat.com Staff

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Shopify (SHOP) Stock Forecast & Price Target