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Shopify (SHOP): New Buy Recommendation for This Technology Giant

In a report released today, Brian Schwartz from Oppenheimer reiterated a Buy rating on Shopify (SHOPResearch Report), with a price target of $1700.00. The company’s shares closed last Thursday at $1464.00.

According to TipRanks.com, Schwartz is a top 25 analyst with an average return of 35.7% and a 81.4% success rate. Schwartz covers the Technology sector, focusing on stocks such as Clearwater Analytics Holdings, Zeta Global Holdings Corp, and Qualtrics International.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Shopify with a $1695.83 average price target, representing a 25.6% upside. In a report issued on October 18, Roth Capital also maintained a Buy rating on the stock with a $1800.00 price target.

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The company has a one-year high of $1650.00 and a one-year low of $875.00. Currently, Shopify has an average volume of 901.3K.

Based on the recent corporate insider activity of 409 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.

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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.

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