Shopify (TSE:SHOP) Trading 21.5% Higher - Time to Buy?

Key Points

• Shopify shares surged 21.5% on Wednesday, reaching a peak of C$214.90 and closing at C$212.82, with trading volume increasing significantly to over 4 million shares.
• ATB Capital raised their price target for Shopify from C$155.00 to C$160.00 while maintaining an "outperform" rating, reflecting positive sentiment from analysts.
• Insider selling occurred recently, with 43,343 shares sold by insiders in the last ninety days, although insiders still hold only 0.18% of the stock.

Shopify Inc. (TSE:SHOP - Get Free Report)'s stock price traded up 21.5% during trading on Wednesday . The company traded as high as C$214.90 and last traded at C$212.82. 4,168,139 shares were traded during trading, an increase of 94% from the average session volume of 2,143,358 shares. The stock had previously closed at C$175.16.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. ATB Capital increased their price objective on Shopify from C$155.00 to C$160.00 and gave the company an "outperform" rating in a research note on Friday, May 9th. Royal Bank Of Canada cut Shopify from an "outperform" rating to a "sector perform" rating and raised their price target for the company from C$160.00 to C$220.00 in a research note on Thursday.

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's 50 day moving average price is C$159.48 and its two-hundred day moving average price is C$150.41. The firm has a market capitalization of C$193.30 billion, a PE ratio of 93.97, a PEG ratio of 0.87 and a beta of 2.36.

Insider Activity at Shopify

In other Shopify news, Senior Officer Jeff Hoffmeister sold 1,913 shares of the company's stock in a transaction dated Monday, July 28th. The shares were 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 dated Monday, July 28th. The shares were sold at an average price of C$176.24, for a total transaction of C$294,490.25. Insiders sold 43,343 shares of company stock valued at $6,654,837 over the last quarter. 0.18% of the stock is currently owned by corporate insiders.

Shopify Company Profile

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.