Notable Price Action: Shopify Inc Can’t Burn Your Long Portfolio. Just Reaches 52-Week High

Notable Price Action: Shopify Inc Can't Burn Your Long Portfolio. Just Reaches 52 Week High

The stock of Shopify Inc (NYSE:SHOP) hit a new 52-week high and has $58.05 target or 29.00% above today’s $45.00 share price. The 9 months bullish chart indicates low risk for the $4.20B company. The 1-year high was reported on Nov, 21 by Barchart.com. If the $58.05 price target is reached, the company will be worth $1.22B more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. About 801,385 shares traded hands. Shopify Inc (NYSE:SHOP) has risen 37.44% since April 19, 2016 and is uptrending. It has outperformed by 33.58% the S&P500.

Shopify Inc (NYSE:SHOP) Ratings Coverage

Out of 18 analysts covering Shopify (NYSE:SHOP), 13 rate it a “Buy”, 0 “Sell”, while 5 “Hold”. This means 72% are positive. Shopify has been the topic of 24 analyst reports since July 31, 2015 according to StockzIntelligence Inc. Morgan Stanley upgraded the shares of SHOP in a report on Tuesday, January 19 to “Overweight” rating. The stock of Shopify Inc (NYSE:SHOP) earned “Outperform” rating by Wedbush on Thursday, February 18. The firm has “Outperform” rating given on Thursday, January 21 by Wedbush. The firm has “Outperform” rating by Raymond James given on Wednesday, November 18. Pacific Crest upgraded it to “Overweight” rating and $35 target price in Tuesday, March 8 report. The stock of Shopify Inc (NYSE:SHOP) earned “Buy” rating by Monness Crespi & Hardt on Wednesday, June 29. RBC Capital Markets maintained the stock with “Outperform” rating in Monday, May 2 report. The stock has “Sector Perform” rating given by RBC Capital Markets on Friday, July 31. Robert W. Baird initiated Shopify Inc (NYSE:SHOP) on Thursday, January 7 with “Outperform” rating. The firm has “Equal-Weight” rating by Morgan Stanley given on Wednesday, September 28.

According to Zacks Investment Research, “Shopify Inc. offers cloud-based commerce platform. The Company’s platform provides merchants to design, set up and manage their stores through Web, mobile, social media, brick-and-mortar locations and pop-up shops. Shopify Inc. is based in Ottawa, Canada.”

More recent Shopify Inc (NYSE:SHOP) news were published by: Fool.com which released: “Shopify Inc. Revenue Soars 89%” on November 03, 2016. Also Fool.com published the news titled: “Shopify Inc. Keeps Growing” on October 02, 2016. Businesswire.com‘s news article titled: “Shopify Announces Director Resignation” with publication date: November 18, 2016 was also an interesting one.

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