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

Key Points

• Shopify's share price increased by 21.5% during trading on Thursday, reaching a high of C$214.90 before closing at C$212.82.
• ATB Capital raised its price target for Shopify from C$155.00 to C$160.00, maintaining an "outperform" rating.
• Recent insider trades included the sale of 43,343 shares worth over $6.6 million by company insiders in the last quarter.

Shopify Inc. (TSE:SHOP - Get Free Report)'s share price traded up 21.5% during trading on Thursday . The company 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 Analysts Forecast Growth

Separately, ATB Capital boosted their price target on shares of Shopify from C$155.00 to C$160.00 and gave the company an "outperform" rating in a research note on Friday, May 9th.

Shopify Trading Up 21.5%

The company has a quick ratio of 5.74, a current ratio of 3.71 and a debt-to-equity ratio of 9.74. The firm has a 50 day moving average price of C$158.31 and a 200 day moving average price of C$150.01. The stock has a market capitalization of C$198.20 billion, a PE 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 news, Director Tobyn David Shannan sold 2,442 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of C$145.16, for a total value of C$354,478.36. Also, Senior Officer Harley Michael Finkelstein sold 4,955 shares of the stock in a transaction dated Monday, June 9th. The shares were sold at an average price of C$149.69, for a total transaction of C$741,716.84. In the last quarter, insiders sold 43,343 shares of company stock worth $6,654,837. 0.18% of the stock is currently owned by insiders.

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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