Within the last quarter, Shopify (NYSE:SHOP) has observed the following analyst ratings:

These 22 analysts have an average price target of $66.91 versus the current price of Shopify at $53.66, implying upside.

Below is a summary of how these 22 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 has increased by 9.44% from the previous average price target of $61.14.

Stay up to date on Shopify analyst ratings.

Analyst Ratings: What Are They?

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 also offer predictions for helpful metrics such as earnings, revenue, and growth estimates to provide further guidance as to what to do with certain tickers. It is important to keep in mind that while stock and sector analysts are specialists, they are also human and can only forecast their beliefs to traders.

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