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

Shopify Inc. (TSE:SHOP) rose 0.4% on Friday . The stock traded as high as C$156.88 and last traded at C$153.06. Approximately 2,145,031 shares changed hands during mid-day trading, an increase of 13% from the average daily volume of 1,893,555 shares. The stock had previously closed at C$152.41.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SHOP. ATB Capital boosted their price objective on Shopify from C$220.00 to C$250.00 in a report on Wednesday, November 5th. TD Securities lifted their target price on Shopify from C$156.00 to C$159.00 and gave the company a “hold” rating in a research report on Wednesday, November 5th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of C$184.75.

Shopify Price Performance

The stock has a market cap of C$199.76 billion, a PE ratio of 112.54, a P/E/G ratio of 0.87 and a beta of 2.12. 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 business has a 50 day moving average price of C$212.68 and a two-hundred day moving average price of C$209.38.

Shopify (TSE:SHOP) last issued its quarterly earnings results on Tuesday, November 4th. The company reported C$0.20 EPS for the quarter. Shopify had a return on equity of 20.32% and a net margin of 22.74%.The company had revenue of C$3.96 billion during the quarter. Research analysts expect that Shopify Inc. will post 1.9256156 earnings per share for the current fiscal year.

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. Shopify powers millions of businesses in more than 175 countries and is trusted by brands such as BarkBox, Vuori, BevMo, Carrier, JB Hi-Fi, Meta, ButcherBox, SKIMS, Supreme, and many more.