Shopify (TSE:SHOP) Stock Price Up 21.5% - Here's What Happened

Key Points

• Shopify's share price surged 21.5% during mid-day trading, reaching as high as C$214.90, following an increase in trading volume of 94% compared to the average.
• ATB Capital has raised their price target for Shopify from C$155.00 to C$160.00 and affirmed an "outperform" rating in their latest report.
• Recent insider selling activity indicates a total of 43,343 shares were sold in the last ninety days, amounting to approximately $6.65 million, which may raise questions about insider confidence in the stock's future performance.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Royal Bank Of Canada lowered Shopify from an "outperform" rating to a "sector perform" rating and increased their price target for the stock from C$160.00 to C$220.00 in a research report on Thursday. ATB Capital increased their price target on Shopify from C$155.00 to C$160.00 and gave the stock an "outperform" rating in a research report on Friday, May 9th.

Shopify Price Performance

The company's 50-day simple moving average is C$160.73 and its 200-day simple moving average is C$150.75. 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 stock has a market capitalization of C$190.83 billion, a price-to-earnings ratio of 92.77, a P/E/G ratio of 0.87 and a beta of 2.36.

Insider Buying and Selling at Shopify

In related news, Senior Officer Jessica Hertz sold 355 shares of Shopify 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$62,563.76. Also, Senior Officer Harley Michael Finkelstein sold 1,671 shares of Shopify 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 transaction of C$294,490.25. 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.