Shopify (TSE:SHOP) Sets New 12-Month High - Still a Buy?

Key Points

• Shopify's stock reached a new 52-week high of C$217.77 during trading, reflecting a strong market performance with a closing price of C$211.60.
• The Royal Bank of Canada downgraded Shopify's rating from "outperform" to "sector perform," while simultaneously raising the price target to C$220.00.
• Insider selling was notable, with senior officers selling a total of 7,899 shares valued at over C$1.3 million in the last quarter.

Shopify Inc. (TSE:SHOP - Get Free Report) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as C$217.77 and last traded at C$211.60, with a volume of 2862403 shares traded. The stock had previously closed at C$209.74.

Wall Street Analysts Forecast Growth

Separately, Royal Bank Of Canada downgraded Shopify from an "outperform" rating to a "sector perform" rating and raised their price target for the stock from C$160.00 to C$220.00 in a research report on Thursday, August 7th. One equities research analyst has rated the stock with a Buy rating and two have given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of C$157.50.

Shopify Stock Performance

The firm has a market cap of C$282.38 billion, a PE ratio of 120.71, a price-to-earnings-growth ratio of 0.87 and a beta of 3.05. The company has a quick ratio of 5.74, a current ratio of 3.71 and a debt-to-equity ratio of 9.74. The business has a 50 day simple moving average of C$189.08 and a two-hundred day simple moving average of C$157.36.

Insider Activity

In other news, Senior Officer Jeff Hoffmeister sold 1,923 shares of the firm's stock in a transaction on Monday, June 30th. The stock was sold at an average price of C$157.19, for a total transaction of C$302,274.32. Also, Senior Officer Harley Michael Finkelstein sold 1,680 shares of the firm's stock in a transaction on Monday, June 30th. The shares were sold at an average price of C$158.34, for a total value of C$266,019.16. Over the last 90 days, insiders have sold 7,899 shares of company stock worth $1,319,016. Company insiders own 0.18% of the company's stock.

About Shopify

Shopify is the leading global commerce company that provides essential internet infrastructure for commerce, offering trusted tools to start, scale, market, and run a retail business of any size. Shopify makes commerce better for everyone with a platform and services that are engineered for speed, customization, reliability, and security, while delivering a better shopping experience for consumers online, in store, and everywhere in between.