Upgrades Hold Buy X

SHOP Shopify

The Benchmark Company

$150

Initiated Neutral X

SHOP Shopify

New Street

$115

Upgrades Neutral Outperform X

SHOP Shopify

Wedbush

$115 $125

Upgrades Hold Buy X

SHOP Shopify

Loop Capital

$110 $140

Downgrades Hold Sell X

SHOP Shopify

DZ Bank

Upgrades Neutral Buy X

SHOP Shopify

Redburn Atlantic

$99

Initiated Neutral X

SHOP Shopify

Cantor Fitzgerald

$70

Downgrades Hold Sell X

SHOP Shopify

DZ Bank

Resumed Overweight X

SHOP Shopify

KeyBanc Capital Markets

$80

Upgrades Neutral Buy X

SHOP Shopify

BofA Securities

$78 $82

Initiated Outperform X

SHOP Shopify

Wolfe Research

$80

Reiterated Buy X

SHOP Shopify

Citigroup

$95 $96

Upgrades In-line Outperform X

SHOP Shopify

Evercore ISI

$75

Initiated Overweight X

SHOP Shopify

JP Morgan

$74

Downgrades Buy Neutral X

SHOP Shopify

MoffettNathanson

$74 $65

Upgrades Neutral Buy X

SHOP Shopify

Goldman

$67 $74

Upgrades Mkt Perform Mkt Outperform X

SHOP Shopify

JMP Securities

$80

Upgrades Underweight Neutral X

SHOP Shopify

Piper Sandler

$63

Upgrades Underperform Outperform X

SHOP Shopify

Exane BNP Paribas

Upgrades Neutral Buy X

SHOP Shopify

Citigroup

$93 $105

Upgrades Eq-Weight Overweight X

SHOP Shopify

Morgan Stanley

$74 $85

Downgrades Neutral Underperform X

SHOP Shopify

Exane BNP Paribas

Downgrades Mkt Outperform Mkt Perform X

SHOP Shopify

JMP Securities

Downgrades Hold Sell X

SHOP Shopify

DZ Bank

$65

Downgrades Outperform Neutral X

SHOP Shopify

Wedbush

Downgrades Neutral Underweight X

SHOP Shopify

Piper Sandler

$58 $56

Upgrades Underperform Neutral X

SHOP Shopify

Exane BNP Paribas

$50

Initiated Overweight X

SHOP Shopify

Wells Fargo

$65

Resumed Neutral X

SHOP Shopify

UBS

$55

Initiated Buy X

SHOP Shopify

Seaport Research Partners

$64

Upgrades Hold Buy X

SHOP Shopify

Canaccord Genuity

$60 $70

Initiated Outperform X

SHOP Shopify

Wedbush

$62

Upgrades Sell Hold X

SHOP Shopify

DZ Bank

Reiterated Sector Perform X

SHOP Shopify

Scotiabank

$60 $65

Upgrades Mkt Perform Outperform X

SHOP Shopify

MoffettNathanson

$76

Downgrades Outperform In-line X

SHOP Shopify

Evercore ISI

$69

Reiterated Buy X

SHOP Shopify

ROTH MKM

$68 $73

Downgrades Neutral Underperform X

SHOP Shopify

Exane BNP Paribas

Downgrades Overweight Neutral X

SHOP Shopify

Atlantic Equities

$55 $65

Downgrades Hold Sell X

SHOP Shopify

DZ Bank

$47 $55

Upgrades Sell Neutral X

SHOP Shopify

UBS

$34 $64

Upgrades Underperform Neutral X

SHOP Shopify

BofA Securities

Upgrades Mkt Perform Mkt Outperform X

SHOP Shopify

JMP Securities

$65

Initiated Hold X

SHOP Shopify

Needham

Resumed Hold X

SHOP Shopify

Stifel

$45

Upgrades Sell Hold X

SHOP Shopify

DZ Bank

Upgrades Neutral Buy X

SHOP Shopify

DA Davidson

$50

Downgrades Hold Sell X

SHOP Shopify

DZ Bank

Initiated Sector Perform X

SHOP Shopify

Scotiabank

$43

Upgrades Neutral Buy X

SHOP Shopify

ROTH Capital

$38 $56

Upgrades Hold Buy X

SHOP Shopify

Deutsche Bank

$40 $50

Initiated Neutral X

SHOP Shopify

DA Davidson

$34

Downgrades Buy Hold X

SHOP Shopify

Jefferies

Initiated Sell X

SHOP Shopify

UBS

$30

Upgrades Neutral Sec Outperform X

SHOP Shopify

CIBC

Downgrades Outperform Peer Perform X

SHOP Shopify

Wolfe Research

Initiated Market Perform X

SHOP Shopify

MoffettNathanson

$30

Upgrades Neutral Overweight X

SHOP Shopify

Atlantic Equities

$46

Downgrades Overweight Neutral X

SHOP Shopify

Piper Sandler

$38 $32

Resumed Outperform X

SHOP Shopify

Oppenheimer

$50 $45

Initiated Mkt Perform X

SHOP Shopify

JMP Securities

Resumed Equal-Weight X

SHOP Shopify

Morgan Stanley

$450

Initiated Hold X

SHOP Shopify

The Benchmark Company

Initiated Overweight X

SHOP Shopify

Wells Fargo

$834

Initiated Outperform X

SHOP Shopify

SMBC Nikko

$1200

Upgrades Mkt Perform Outperform X

SHOP Shopify

William Blair

Downgrades Overweight Neutral X

SHOP Shopify

Atlantic Equities

Upgrades In-line Outperform X

SHOP Shopify

Evercore ISI

$1770

Initiated Neutral X

SHOP Shopify

Goldman

$1570

Downgrades Buy Hold X

SHOP Shopify

Loop Capital

$1600

Initiated Hold X

SHOP Shopify

Deutsche Bank

$1650

Reiterated Buy X

SHOP Shopify

Argus

$1650 $1850

Reiterated Hold X

SHOP Shopify

Canaccord Genuity

$1350 $1450

Reiterated Neutral X

SHOP Shopify

Credit Suisse

$1400 $1700

Reiterated Buy X

SHOP Shopify

Jefferies

$1675 $1800

Reiterated Equal-Weight X

SHOP Shopify

Morgan Stanley

$1400 $1500

Reiterated Buy X

SHOP Shopify

Rosenblatt

$1900 $2000

Reiterated Outperform X

SHOP Shopify

Wolfe Research

$1500 $1980

Resumed Equal Weight X

SHOP Shopify

Barclays

$1700

Upgrades Hold Buy X

SHOP Shopify

Loop Capital

$1400

Upgrades Neutral Buy X

SHOP Shopify

ROTH Capital

$1325 $1530

Upgrades Neutral Positive X

SHOP Shopify

Susquehanna

$1500

Initiated In-line X

SHOP Shopify

Evercore ISI

$1360

Resumed Neutral X

SHOP Shopify

Credit Suisse

$1350

Initiated Outperform X

SHOP Shopify

Wolfe Research

$1360

Initiated Buy X

SHOP Shopify

Stifel

$1200

Resumed Neutral X

SHOP Shopify

Credit Suisse

$1350

Resumed Neutral X

SHOP Shopify

Citigroup

$1457

Upgrades Perform Outperform X

SHOP Shopify

Oppenheimer

Reiterated Overweight X

SHOP Shopify

KeyBanc Capital Markets

$300 $350

Downgrades Outperform Neutral X

SHOP Shopify

Wedbush

$270 $305

Downgrades Buy Neutral X

SHOP Shopify

ROTH Capital

$275 $300

Reiterated Buy X

SHOP Shopify

Canaccord Genuity

$270 $360

Downgrades Sec Outperform Neutral X

SHOP Shopify

CIBC

Reiterated Buy X

SHOP Shopify

Rosenblatt

$295 $395

Initiated Neutral X

SHOP Shopify

Goldman

$264

Downgrades Eq-Weight Underweight X

SHOP Shopify

Morgan Stanley

$173 $209

Initiated Overweight X

SHOP Shopify

KeyBanc Capital Markets

$250

Upgrades Sec Perform Outperform X

SHOP Shopify

RBC Capital Mkts

$180 $230

Reiterated Sector Perform X

SHOP Shopify

RBC Capital Mkts

$159 $180

Upgrades Neutral Buy X

SHOP Shopify

DA Davidson

Initiated Outperform X

SHOP Shopify

Wells Fargo

$175

Initiated Outperform X

SHOP Shopify

Wedbush

$177

Initiated Buy X

SHOP Shopify

Rosenblatt

$188

Reiterated Buy X

SHOP Shopify

Canaccord Genuity

$160 $165

Reiterated Overweight X

SHOP Shopify

KeyBanc Capital Mkts

$170 $182

Reiterated Buy X

SHOP Shopify

Canaccord Genuity

$155 $160

Reiterated Outperform X

SHOP Shopify

Macquarie

$155 $150

Reiterated Buy X

SHOP Shopify

Monness Crespi & Hardt

$125 $150

Reiterated Buy X

SHOP Shopify

ROTH Capital

$127 $144

Reiterated Outperform X

SHOP Shopify

Wedbush

$120 $140

SHOP  Shopify Inc. Class A Subordinate Voting Shares

Shopify Inc. (Shopify) provides a cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. The Company offers subscription solutions and merchant solutions. The Company's software is used by merchants to run their business across all of their sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts and marketplaces. The Shopify platform provides merchants with a single view of their business and customers across all of their sales channels and enables them to manage products and inventory, process orders and payments, ship orders, build customer relationships and leverage analytics and reporting all from one integrated back office. The Shopify platform includes a mobile-optimized checkout system, which is designed to enable merchants' consumers to buy products over mobile Websites. Its merchants are able to offer their customers the ability to check out by using Apple Pay.