Shopify (TSE:SHOP) Shares Down 1.1% - Here's What Happened

Key Points

• Shopify shares decreased by 1.1%, trading as low as C$227.70 and closing at C$229.88, with overall trading volume significantly down by 48% compared to the average.
• The Royal Bank of Canada downgraded Shopify's rating from "outperform" to "sector perform" and raised the price target from C$160 to C$220, while the stock's consensus rating remains a "Hold."
• Corporate insiders sold 3,939 shares of Shopify stock worth nearly C$694,193 in the last three months, indicating activity from senior officers within the company.

Shopify Inc. (TSE:SHOP - Get Free Report) shares fell 1.1% on Thursday . The stock traded as low as C$227.70 and last traded at C$229.88. 1,037,017 shares traded hands during trading, a decline of 48% from the average session volume of 2,012,680 shares. The stock had previously closed at C$232.42.

Analyst Ratings Changes

Separately, Royal Bank Of Canada lowered Shopify from an "outperform" rating to a "sector perform" rating and raised their price objective for the stock 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 assigned a Hold rating to the stock. Based on data from MarketBeat, Shopify currently has a consensus rating of "Hold" and an average price target of C$157.50.

Shopify Stock Performance

The company has a current ratio of 3.71, a quick ratio of 5.74 and a debt-to-equity ratio of 9.74. The stock has a market capitalization of C$298.77 billion, a PE ratio of 127.71, a PEG ratio of 0.87 and a beta of 2.97. The firm's 50-day simple moving average is C$201.86 and its two-hundred day simple moving average is C$164.26.

Insiders Place Their Bets

In other news, Senior Officer Harley Michael Finkelstein sold 1,671 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of C$176.24, for a total transaction of C$294,490.25. Also, Senior Officer Jeff Hoffmeister sold 1,913 shares of the business's stock in a transaction on Monday, July 28th. The shares were sold at an average price of C$176.24, for a total transaction of C$337,139.35. In the last three months, insiders have sold 3,939 shares of company stock worth $694,193. Corporate 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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