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New Buy Rating for Shopify (SHOP), the Technology Giant

In a report released today, Josh Beck from KeyBanc maintained a Buy rating on Shopify (SHOPResearch Report), with a price target of $50.00. The company’s shares closed last Wednesday at $33.04, close to its 52-week low of $29.72.

According to TipRanks.com, Beck is a 5-star analyst with an average return of 16.6% and a 57.1% success rate. Beck covers the Technology sector, focusing on stocks such as BigCommerce Holdings, AvidXchange Holdings, and Robinhood Markets.

Shopify has an analyst consensus of Moderate Buy, with a price target consensus of $55.80, a 63.4% upside from current levels. In a report issued on June 23, RBC Capital also maintained a Buy rating on the stock with a $70.00 price target.

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The company has a one-year high of $176.29 and a one-year low of $29.72. Currently, Shopify has an average volume of 41.92M.

Based on the recent corporate insider activity of 237 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:

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