Shopify (TSE:SHOP) Shares Up 3% - What's Next?

Key Points

• Shopify's shares increased by 3%, reaching C$209.74 during trading, despite a 24% decline in average daily volume.
• Royal Bank Of Canada downgraded Shopify's rating from "outperform" to "sector perform," while increasing the price target from C$160.00 to C$220.00.
• The company has reported significant insider selling, with 7,899 shares sold valued at over $1.3 million during the last quarter.

Shopify Inc. (TSE:SHOP - Get Free Report)'s share price was up 3% during mid-day trading on Thursday . The company traded as high as C$210.94 and last traded at C$209.74. Approximately 1,538,347 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 2,028,351 shares. The stock had previously closed at C$203.57.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada downgraded Shopify from an "outperform" rating to a "sector perform" rating and lifted their target price for the stock from C$160.00 to C$220.00 in a research note on Thursday, August 7th. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of C$157.50.

Shopify Stock Up 0.9%

The stock has a market capitalization of C$275.01 billion, a P/E ratio of 117.56, a price-to-earnings-growth ratio of 0.87 and a beta of 3.05. The stock has a fifty day moving average price of C$189.08 and a 200 day moving average price of C$157.28. The company has a debt-to-equity ratio of 9.74, a current ratio of 3.71 and a quick ratio of 5.74.

Insiders Place Their Bets

In other Shopify news, Senior Officer Jeff Hoffmeister sold 1,913 shares of the stock in a transaction dated 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 Jessica Hertz sold 355 shares of the firm's stock in a transaction that occurred on Monday, July 28th. The stock was sold at an average price of C$176.24, for a total transaction of C$62,563.76. In the last quarter, insiders sold 7,899 shares of company stock worth $1,319,016. Corporate 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.