Will Shopify Stock Reach $2,000 By 2022?
Every week, Benzinga conducts a sentiment survey to find out what traders are most excited about, interested in or thinking about as they manage and build their personal portfolios.
We surveyed a group of over 500 investors on whether shares of Shopify Inc (NYSE: SHOP) will reach $2,000 by 2022.
Shopify Stock Forecast
Shopify offers an e-commerce platform primarily to small and midsize businesses. The e-commerce company has two leading segments that drive revenue: subscriptions and merchant solutions.
The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks and social networks.
Merchant solutions are defined as add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping and Shopify Capital.
The company’s main e-commerce stock competitors include Amazon.com, Inc. (NASDAQ: AMZN), Alibaba Group Holding Ltd - ADR (NYSE: BABA) and Etsy Inc (NASDAQ: ETSY).
Of the Benzinga traders and investors surveyed, 67% told us Shopify would reach $2,000 per share by the end of next year.
Respondents said Shopify will continue to see strength in 2021 off continued nationwide adoption of online shopping, away from traditional brick and mortar retailers.
Traders also said that even with nationwide distribution of a coronavirus vaccine already underway, the popularity of e-commerce will continue to grow. They believe American consumers like being able to shop a variety of merchants simultaneously and have their purchases delivered to their front door.
Many traders and investors also said they are keen on Shopify's UI/UX, noting how the platform has a high ease-of-access for small and midsize retailers looking to take their business online.
It should be noted the latest price target for Shopify was reported by Susquehanna on Dec. 2. The analyst firm set a target for $950, expecting shares of the e-commerce company to fall within 12 months.
Going into the end of 2020, Shopify shares were trading lower following the stock's recent surge, which was driven by e-commerce trends and holiday sales optimism. COVID-19 vaccine news has also driven a rotation from e-commerce names into reopening sectors such as traditional retail and travel.
Current and prospective investors should take note Shopify’s fourth-quarter earnings date is estimated for Feb. 17.
See Also: How To Buy Shopify Stock.
This survey was conducted by Benzinga in December 2020 and included the responses of a diverse population of adults 18 or older.
Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from over 500 adults.
Photo courtesy of Shopify.
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