Shopify (TSE:SHOP) Trading 21.5% Higher - Here's What Happened

Key Points

• Shopify's stock rose by 21.5% on Wednesday, closing at C$212.82 after trading as high as C$214.90, with an unusually high trading volume of over 4 million shares.
• Analysts at ATB Capital raised Shopify's price target from C$155.00 to C$160.00 and maintained an "outperform" rating, indicating strong future growth potential for the company.
• Insider transactions included senior officer Harley Finkelstein selling nearly 5,000 shares for C$741,716, highlighting potential shifts in confidence among company leadership.

Shopify Inc. (TSE:SHOP - Get Free Report)'s stock price rose 21.5% on Wednesday . 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 Analysts Forecast Growth

SHOP has been the subject of a number of recent research reports. 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 note on Friday, May 9th. Royal Bank Of Canada cut shares of 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 note on Thursday.

Shopify Price Performance

The company has a market cap of C$191.68 billion, a price-to-earnings ratio of 93.18, a PEG ratio of 0.87 and a beta of 2.36. The company has a current ratio of 3.71, a quick ratio of 5.74 and a debt-to-equity ratio of 9.74. The company's 50 day moving average price is C$160.73 and its 200 day moving average price is C$150.75.

Insider Activity

In other news, Senior Officer Harley Michael Finkelstein sold 1,671 shares of the firm's stock in a transaction on Monday, July 28th. The shares were sold at an average price of C$176.24, for a total value of C$294,490.25. Also, Director Tobyn David Shannan sold 407 shares of the firm's stock in a transaction 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 have sold a total of 43,343 shares of company stock worth $6,654,837 over 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.