Shopify (TSE:SHOP) Stock Price Up 21.5% - Still a Buy?

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) shares were up 21.5% during trading on Wednesday . The company 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.

Wall Street Analysts Forecast Growth

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

Shopify Price Performance

The company 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. The firm has a fifty day simple moving average of C$157.01 and a 200 day simple moving average of C$149.57. 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 Transactions at Shopify

In related news, Senior Officer Harley Michael Finkelstein sold 4,955 shares of the company's stock in a transaction on Monday, June 9th. The stock was sold at an average price of C$149.69, for a total value of C$741,716.84. Also, Director Robert Gerard Ashe sold 2,800 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of C$145.16, for a total value of C$406,445.30. Insiders sold a total of 43,343 shares of company stock worth $6,654,837 over the last ninety days. 0.18% of the stock is currently owned by insiders.

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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