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

Key Points

• Shopify's shares surged 21.5% during mid-day trading, reaching a high of C$214.90 and last trading at C$212.82.
• ATB Capital raised their price target for Shopify from C$155.00 to C$160.00 and assigned an "outperform" rating.
• Insiders have sold a total of 43,343 shares valued at approximately $6.65 million over the past three months.

Shopify Inc. (TSE:SHOP - Get Free Report) shares were up 21.5% during mid-day trading on Wednesday . The stock 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 2,143,356 shares. The stock had previously closed at C$175.16.

Analysts Set New Price Targets

Separately, ATB Capital increased their target price on Shopify from C$155.00 to C$160.00 and gave the company an "outperform" rating in a research note on Friday, May 9th.

Shopify Stock Up 21.5%

The business's fifty day simple moving average is C$157.01 and its 200 day simple moving average is C$149.57. The stock has a market cap of C$198.20 billion, a price-to-earnings ratio of 96.35, a price-to-earnings-growth 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.

Insider Buying and Selling

In related news, 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. Also, Senior Officer Jessica Hertz sold 10,255 shares of the firm's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of C$156.30, for a total transaction of C$1,602,815.48. Over the last three months, insiders have sold 43,343 shares of company stock valued at $6,654,837. 0.18% of the stock is owned by corporate insiders.

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.

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