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Shopify (TSE:SHOP) Trading 21.5% Higher - Time to Buy?

Shopify logo with Computer and Technology background

Key Points

  • Shopify's share price surged by 21.5% reaching a high of C$214.90 during trading, substantially increasing trading volume to approximately 4.17 million shares.
  • ATB Capital raised their price target for Shopify from C$155.00 to C$160.00 and assigned an "outperform" rating.
  • Recent insider transactions revealed that executives sold a total of 43,343 shares over the last 90 days, valued at approximately C$6.65 million.
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Shopify Inc. (TSE:SHOP - Get Free Report) was up 21.5% on Thursday . The company traded as high as C$214.90 and last traded at C$212.82. Approximately 4,168,139 shares changed 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

SHOP has been the topic of a number of recent analyst reports. ATB Capital upped their target price on Shopify from C$155.00 to C$160.00 and gave the company an "outperform" rating in a research report on Friday, May 9th. Royal Bank Of Canada lowered Shopify from an "outperform" rating to a "sector perform" rating and upped their target price for the company from C$160.00 to C$220.00 in a research report on Thursday.

View Our Latest Research Report on SHOP

Shopify Price Performance

The stock has a 50 day moving average price of C$160.73 and a two-hundred day moving average price of C$150.75. The company has a debt-to-equity ratio of 9.74, a quick ratio of 5.74 and a current ratio of 3.71. The company has a market capitalization of C$191.46 billion, a PE ratio of 93.07, a P/E/G ratio of 0.87 and a beta of 2.36.

Insider Buying and Selling at Shopify

In related news, Senior Officer Harley Michael Finkelstein sold 4,955 shares of the business's stock in a transaction on Monday, June 9th. The shares were sold at an average price of C$149.69, for a total transaction of C$741,716.84. Also, Director Tobyn David Shannan sold 2,442 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of C$145.16, for a total transaction of C$354,478.36. Insiders have sold a total of 43,343 shares of company stock worth $6,654,837 in the last 90 days. Company insiders own 0.18% of the company's stock.

Shopify Company Profile

(Get Free Report)

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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