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

Key Points

• Shopify's stock price increased by 21.5% on Thursday, reaching a high of C$214.90 before closing at C$212.82, significantly up from C$175.16.
• ATB Capital upgraded Shopify's price target from C$155.00 to C$160.00, maintaining an "outperform" rating for the stock.
• In recent insider transactions, senior officers sold a total of 43,343 shares worth approximately $6.65 million over the last 90 days.

Shares of Shopify Inc. (TSE:SHOP - Get Free Report) traded up 21.5% during trading on Thursday . The stock traded as high as C$214.90 and last traded at C$212.82. 4,168,139 shares changed hands 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.

Analyst Upgrades and Downgrades

Separately, ATB Capital increased their price target on shares of 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 Stock Performance

The company has a fifty day moving average price of C$158.31 and a two-hundred day moving average price of C$150.01. 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 has a market capitalization of C$198.20 billion, a P/E ratio of 96.35, a PEG ratio of 0.87 and a beta of 2.36.

Insider Transactions at Shopify

In other news, Senior Officer Jeff Hoffmeister sold 3,985 shares of Shopify stock in a transaction on Monday, June 9th. The shares were sold at an average price of C$149.69, for a total value of C$596,516.98. Also, Director Robert Gerard Ashe sold 2,800 shares of the stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of C$145.16, for a total transaction of C$406,445.30. In the last 90 days, insiders sold 43,343 shares of company stock worth $6,654,837. 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.

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