Shares of Shopify fell to $78.03 during today's afternoon trading session. Despite the -1.4% change, the large-cap Software company still trades 7.69% above its average analyst target price of $72.46. So there may be further downside for the Software stock. Shopify has target prices ranging from $41.0 to $100.0 per share, and its average rating is buy.
The stock has an average amount of shares sold short at 3.7%, and a short ratio of 2.54. The company's insiders own 0.2% of its outstanding shares, which indicates a strong alignment between management and shareholder interests. Finally, we also note that an average number of institutional investors are invested in the stock, with 67.5% of Shopify's shares being owned by this investor type.
Institutions Invested in Shopify
| Date Reported | Holder | Percentage | Shares | Value |
|---|---|---|---|---|
| 2023-09-30 | Baillie Gifford and Company | 5% | 62,745,009 | $4,895,992,975 |
| 2023-09-30 | Morgan Stanley | 5% | 59,647,851 | $4,654,321,740 |
| 2023-09-30 | Capital Research Global Investors | 4% | 42,831,636 | $3,342,152,504 |
| 2023-09-30 | Vanguard Group Inc | 3% | 40,926,224 | $3,193,473,208 |
| 2023-09-30 | FMR, LLC | 3% | 36,087,450 | $2,815,903,679 |
| 2023-09-30 | Price (T.Rowe) Associates Inc | 3% | 31,996,659 | $2,496,699,262 |
| 2023-09-30 | Capital World Investors | 3% | 30,635,358 | $2,390,476,947 |
| 2023-09-30 | JP Morgan Chase & Company | 2% | 29,184,000 | $2,277,227,484 |
| 2023-09-30 | Royal Bank of Canada | 2% | 24,324,247 | $1,898,020,963 |
| 2023-09-30 | Sands Capital Management, LLC | 1% | 15,756,715 | $1,229,496,452 |
Besides an analyst consensus of little upside potential, other market factors point to there being mixed market sentiment on Shopify.
