Shopify (TSE:SHOP) Shares Up 21.5% - Still a Buy?

Key Points

• Shopify's shares surged by 21.5% on Wednesday, reaching a trading high of C$214.90 and closing at C$212.82, with trading volume more than 94% above average.
• ATB Capital raised their price target for Shopify from C$155.00 to C$160.00, maintaining an "outperform" rating for the stock.
• Recent insider transactions indicate significant selling, with company insiders offloading over 43,000 shares valued at nearly $6.7 million in the last three months.

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

Wall Street Analyst Weigh In

Separately, ATB Capital raised their price objective on Shopify from C$155.00 to C$160.00 and gave the company an "outperform" rating in a report on Friday, May 9th.

Shopify Price Performance

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's 50-day simple moving average is C$157.01 and its 200-day simple moving average is C$149.57. The stock has a market capitalization of C$198.20 billion, a price-to-earnings ratio of 96.35, a P/E/G ratio of 0.87 and a beta of 2.36.

Insider Buying and Selling at Shopify

In other Shopify 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 Jessica Hertz sold 355 shares of the business's stock in a transaction on Monday, July 28th. The stock was sold at an average price of C$176.24, for a total transaction of C$62,563.76. Insiders have sold a total of 43,343 shares of company stock valued at $6,654,837 in the last three months. Corporate insiders own 0.18% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.