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published in Blogs
Jul 23, 2021

Shopify (SHOP, $1,594.68) shares rise, on bullish views

Shopify  shares climbed Thursday to touch a record high, following optimistic views from analysts.

Stifel’s Scott Devitt raised his price target on the e-commerce company’s shares to $1,600 from $1,400, while maintaining his buy rating.

Devitt mentioned the company’s “proven track record of creating products and services that generate value for merchants”, and said that he expects the ongoing investments to create monetization improvements as the platform continues to scale. The analyst also indicated that the company’s outlook for the second half of the year is crucial on challenging prior year comparisons during reopening.

Susquehanna Financial Group’s John Coffey boosted his price target on Shopify shares to $1,800 from $1,500, while keeping his positive rating. According to Coffey, Shopify’s focus on raising operating spending in Europe this year is a wise decision. Coffey also boosted his revenue outlook for 2022 and 2023.

Shopify stock has surged +33% in the past six months.

Related Ticker: SHOP

SHOP's RSI Oscillator peaks and leaves overbought zone

The 10-day RSI Oscillator for SHOP moved out of overbought territory on February 12, 2024. This could be a sign that the stock is shifting from an upward trend to a downward trend. Traders may want to look at selling the stock or buying put options. Tickeron's A.I.dvisor looked at 47 instances where the indicator moved out of the overbought zone. In of the 47 cases the stock moved lower in the days that followed. This puts the odds of a move down at .

Price Prediction Chart

Technical Analysis (Indicators)

Bearish Trend Analysis

The Momentum Indicator moved below the 0 level on February 16, 2024. You may want to consider selling the stock, shorting the stock, or exploring put options on SHOP as a result. In of 85 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are .

The Moving Average Convergence Divergence Histogram (MACD) for SHOP turned negative on February 13, 2024. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 50 similar instances when the indicator turned negative. In of the 50 cases the stock turned lower in the days that followed. This puts the odds of success at .

SHOP moved below its 50-day moving average on February 20, 2024 date and that indicates a change from an upward trend to a downward trend.

The 10-day moving average for SHOP crossed bearishly below the 50-day moving average on February 27, 2024. This indicates that the trend has shifted lower and could be considered a sell signal. In of 14 past instances when the 10-day crossed below the 50-day, the stock continued to move higher over the following month. The odds of a continued downward trend are .

Following a 3-day decline, the stock is projected to fall further. Considering past instances where SHOP declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .

SHOP broke above its upper Bollinger Band on February 07, 2024. This could be a sign that the stock is set to drop as the stock moves back below the upper band and toward the middle band. You may want to consider selling the stock or exploring put options.

Bullish Trend Analysis

The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 9 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.

Following a 3-day Advance, the price is estimated to grow further. Considering data from situations where SHOP advanced for three days, in of 339 cases, the price rose further within the following month. The odds of a continued upward trend are .

The Aroon Indicator entered an Uptrend today. In of 316 cases where SHOP Aroon's Indicator entered an Uptrend, the price rose further within the following month. The odds of a continued Uptrend are .

Fundamental Analysis (Ratings)

Fear & Greed

The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating steady price growth. SHOP’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.

The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 88, placing this stock slightly better than average.

The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.

The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is slightly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (10.753) is normal, around the industry mean (28.907). SHOP has a moderately high P/E Ratio (757.700) as compared to the industry average of (145.090). Projected Growth (PEG Ratio) (1.089) is also within normal values, averaging (2.860). Dividend Yield (0.000) settles around the average of (0.088) among similar stocks. P/S Ratio (13.908) is also within normal values, averaging (74.759).

The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.

Notable companies

The most notable companies in this group are Microsoft Corp (NASDAQ:MSFT), Oracle Corp (NYSE:ORCL), Salesforce (NYSE:CRM), Adobe (NASDAQ:ADBE), Intuit (NASDAQ:INTU), Uber Technologies (NYSE:UBER), SERVICENOW (NYSE:NOW), Shopify (NYSE:SHOP), Palo Alto Networks (NASDAQ:PANW), Workday (NASDAQ:WDAY).

Industry description

Packaged software comprises multiple software programs bundled together and sold as a group. For example, Microsoft Office includes multiple applications such as Excel, Word, and PowerPoint. In some cases, buying a bundled product is cheaper than purchasing each item individually[s20] . Microsoft Corporation, Oracle Corp. and Adobe are some major American packaged software makers.

Market Cap

The average market capitalization across the Packaged Software Industry is 10.35B. The market cap for tickers in the group ranges from 291 to 3.09T. MSFT holds the highest valuation in this group at 3.09T. The lowest valued company is BLGI at 291.

High and low price notable news

The average weekly price growth across all stocks in the Packaged Software Industry was 2%. For the same Industry, the average monthly price growth was 6%, and the average quarterly price growth was 2%. YQAI experienced the highest price growth at 250%, while RADLF experienced the biggest fall at -80%.

Volume

The average weekly volume growth across all stocks in the Packaged Software Industry was -9%. For the same stocks of the Industry, the average monthly volume growth was 50% and the average quarterly volume growth was 41%

Fundamental Analysis Ratings

The average fundamental analysis ratings, where 1 is best and 100 is worst, are as follows

Valuation Rating: 52
P/E Growth Rating: 75
Price Growth Rating: 53
SMR Rating: 83
Profit Risk Rating: 88
Seasonality Score: 2 (-100 ... +100)
View a ticker or compare two or three
SHOPDaily Signal changed days agoGain/Loss if shorted
 
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A.I.Advisor
published price charts
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published General Information

General Information

an operator of eCommerce website that allows customers to sell online by providing software to create an online store

Industry PackagedSoftware

Profile
Fundamentals
Details
Industry
Information Technology Services
Address
151 O'Connor Street
Phone
+1 613 241-2828
Employees
8300
Web
https://www.shopify.com
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SHOP and

Correlation & Price change

A.I.dvisor indicates that over the last year, SHOP has been closely correlated with COIN. These tickers have moved in lockstep 67% of the time. This A.I.-generated data suggests there is a high statistical probability that if SHOP jumps, then COIN could also see price increases.

1D
1W
1M
1Q
6M
1Y
5Y
Ticker /
NAME
Correlation
To SHOP
1D Price
Change %
SHOP100%
-1.07%
COIN - SHOP
67%
Closely correlated
+11.13%
CLSK - SHOP
64%
Loosely correlated
-7.83%
RIOT - SHOP
62%
Loosely correlated
-6.65%
IDCC - SHOP
59%
Loosely correlated
-0.62%
FROG - SHOP
56%
Loosely correlated
-3.07%
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