Analysts have provided the following ratings for Shopify SHOP within the last quarter:

These 20 analysts have an average price target of $111.45 versus the current price of Shopify at $31.44, implying upside.

Below is a summary of how these 20 analysts rated Shopify over the past 3 months. The greater the number of bullish ratings, the more positive analysts are on the stock and the greater the number of bearish ratings, the more negative analysts are on the stock

This current average represents a 39.57% decrease from the previous average price target of $184.44.

How Are Analyst Ratings Determined?

Analysts are specialists within banking and financial systems that typically report for specific stocks or within defined sectors. These people research company financial statements, sit in conference calls and meetings, and speak with relevant insiders to determine what are known as analyst ratings for stocks. Typically, analysts will rate each stock once a quarter.

Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.

This article was generated by Benzinga's automated content engine and reviewed by an editor.