Shopify (TSE:SHOP) Stock Price Up 21.5% - Should You Buy?

Key Points

• Shopify's stock price surged 21.5% on Thursday, trading at C$212.82, up from a previous close of C$175.16, with a significant increase in trading volume.
• ATB Capital raised their price target for Shopify from C$155.00 to C$160.00 while maintaining an "outperform" rating, indicating positive growth expectations.
• Insider selling activity has been noted, with senior officers selling a total of 43,343 shares worth over $6.6 million in the last ninety days.

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

A number of equities research analysts have weighed in on the company. Royal Bank Of Canada lowered Shopify from an "outperform" rating to a "sector perform" rating and lifted their price objective for the company from C$160.00 to C$220.00 in a report on Thursday. ATB Capital lifted their price objective on 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 Trading Down 0.1%

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 firm has a market cap of C$191.46 billion, a P/E ratio of 93.07, a P/E/G ratio of 0.87 and a beta of 2.36. The business's 50-day moving average is C$160.73 and its two-hundred day moving average is C$150.75.

Insider Buying and Selling at Shopify

In other news, Senior Officer Jeff Hoffmeister sold 1,913 shares of the stock in a transaction on Monday, July 28th. The shares were sold at an average price of C$176.24, for a total transaction of C$337,139.35. Also, Senior Officer Harley Michael Finkelstein sold 1,671 shares of the stock in a transaction on Monday, July 28th. The stock was sold at an average price of C$176.24, for a total transaction of C$294,490.25. Insiders sold 43,343 shares of company stock valued at $6,654,837 in the last ninety days. Company insiders own 0.18% of the company's stock.

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.