Shopify (TSE:SHOP) Shares Up 11.1% Following Analyst Upgrade

Shopify Inc. (TSE:SHOP)’s share price shot up 11.1% during mid-day trading on Monday after ATB Capital raised their price target on the stock from C$155.00 to C$160.00. ATB Capital currently has an outperform rating on the stock. Shopify traded as high as C$147.52 and last traded at C$142.18. 855,397 shares traded hands during trading, a decline of 63% from the average session volume of 2,312,321 shares. The stock had previously closed at C$127.98.

Separately, Mizuho lifted their price objective on shares of Shopify from C$105.00 to C$110.00 and gave the stock a “hold” rating in a research note on Wednesday, February 12th.

Insider Activity

In other news, Director Tobyn David Shannan sold 430 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of C$135.62, for a total value of C$58,318.61. Also, Senior Officer Kasra Nejatian sold 50,000 shares of the stock in a transaction dated Wednesday, February 12th. The stock was sold at an average price of C$172.76, for a total value of C$8,637,893.55. Insiders sold a total of 62,159 shares of company stock valued at $10,396,250 over the last three months. Insiders own 0.18% of the company’s stock.

Shopify Stock Up 10.2%

The stock has a market cap of C$131.31 billion, a price-to-earnings ratio of 63.84, a PEG ratio of 0.87 and a beta of 2.36. The stock has a 50 day simple moving average of C$131.67 and a 200 day simple moving average of C$146.34. The company has a quick ratio of 5.74, a current ratio of 3.71 and a debt-to-equity ratio of 9.74.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.