Shopify (TSE:SHOP) Trading 0.4% Higher – Here’s Why

Shares of Shopify Inc. (TSE:SHOP) traded up 0.4% on Friday . The company traded as high as C$252.35 and last traded at C$243.86. 1,501,318 shares were traded during trading, a decline of 24% from the average session volume of 1,981,122 shares. The stock had previously closed at C$242.95.

Analysts Set New Price Targets

Separately, Royal Bank Of Canada cut shares of 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 report on Thursday, August 7th. One 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 stock presently has an average rating of “Hold” and a consensus target price of C$157.50.

Shopify Stock Up 0.4%

The stock has a market cap of C$316.94 billion, a PE ratio of 135.48, a P/E/G ratio of 0.87 and a beta of 2.97. The business has a 50 day moving average of C$213.53 and a 200-day moving average of C$176.33. The company has a current ratio of 3.71, a quick ratio of 5.74 and a debt-to-equity ratio of 9.74.

Shopify Company Profile

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.