Shopify (TSE:SHOP) Trading 21.5% Higher - What's Next?

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 was up 21.5% during mid-day trading on Thursday . The company traded as high as C$214.90 and last traded at C$212.82. Approximately 4,168,139 shares changed hands during trading, an increase of 94% from the average daily volume of 2,143,358 shares. The stock had previously closed at C$175.16.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SHOP. Royal Bank Of Canada lowered shares of Shopify from an "outperform" rating to a "sector perform" rating and upped their price target for the stock from C$160.00 to C$220.00 in a research note on Thursday. ATB Capital boosted their target price on shares of Shopify from C$155.00 to C$160.00 and gave the stock an "outperform" rating in a report on Friday, May 9th.

Shopify Trading Down 0.1%

The stock has a market capitalization of C$191.46 billion, a price-to-earnings ratio of 93.07, a PEG ratio of 0.87 and a beta of 2.36. The company's 50 day moving average is C$160.73 and its 200 day moving average is C$150.75. The company has a debt-to-equity ratio of 9.74, a quick ratio of 5.74 and a current ratio of 3.71.

Insider Activity at Shopify

In related news, 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. Also, Director Tobyn David Shannan sold 407 shares of Shopify stock in a transaction that occurred on Monday, June 9th. The stock was sold at an average price of C$149.69, for a total transaction of C$60,924.07. Insiders sold 43,343 shares of company stock worth $6,654,837 in the last quarter. 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.