Shopify (TSE:SHOP) Sets New 12-Month High – What’s Next?

Shopify Inc. (TSE:SHOP)’s stock price hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as C$254.70 and last traded at C$254.25, with a volume of 403,580 shares traded. The stock had previously closed at C$243.83.

Analyst Upgrades and Downgrades

A number of research firms have commented on SHOP. ATB Cormark Capital Markets increased their price objective on shares of Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. TD lifted their target price on shares of Shopify from C$159.00 to C$175.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$198.00.

Shopify Stock Down 2.2%

The business’s 50 day moving average is C$207.32 and its 200-day moving average is C$177.75. The company has a debt-to-equity ratio of 1.40, a current ratio of 5.35 and a quick ratio of 5.74. The company has a market cap of C$315.85 billion, a PE ratio of 165.86, a P/E/G ratio of 0.87 and a beta of 2.16.

Shopify Company Profile

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify-from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.