Shopify (TSE:SHOP) Reaches New 52-Week High - Time to Buy?

Key Points

• Shopify shares surged to a new 52-week high, reaching C$226.65 before closing at C$225.07, with a substantial trading volume of 1,596,006 shares.
• The Royal Bank of Canada downgraded Shopify from an "outperform" to a "sector perform" rating while raising its price target from C$160.00 to C$220.00.
• Insider selling has occurred recently, with two senior officers selling a total of 3,939 shares, amounting to approximately C$694,193 in value over the last ninety days.

Shares of Shopify Inc. (TSE:SHOP - Get Free Report) hit a new 52-week high during trading on Friday . The company traded as high as C$226.65 and last traded at C$225.07, with a volume of 1596006 shares trading hands. The stock had previously closed at C$211.24.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada cut shares of Shopify from an "outperform" rating to a "sector perform" rating and increased their price target for the company from C$160.00 to C$220.00 in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of C$157.50.

Shopify Stock Performance

The company has a market capitalization of C$292.28 billion, a P/E ratio of 124.94, a PEG ratio of 0.87 and a beta of 3.05. The company has a debt-to-equity ratio of 9.74, a current ratio of 3.71 and a quick ratio of 5.74. The company has a fifty day moving average price of C$197.24 and a two-hundred day moving average price of C$162.06.

Insider Activity at Shopify

In related news, Senior Officer Jeff Hoffmeister sold 1,913 shares of the company's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of C$176.24, for a total value of C$337,139.35. Also, Senior Officer Harley Michael Finkelstein sold 1,671 shares of the company's stock in a transaction that occurred on Monday, July 28th. The shares were sold at an average price of C$176.24, for a total value of C$294,490.25. Insiders have sold 3,939 shares of company stock worth $694,193 over the last ninety days. 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.

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