Shopify (TSE:SHOP) Hits New 1-Year High – Time to Buy?

Shares of Shopify Inc. (TSE:SHOP) reached a new 52-week high 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

Several analysts have weighed in on SHOP shares. TD boosted their target price on shares of Shopify from C$159.00 to C$175.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. ATB Cormark Capital Markets boosted their price target on Shopify from C$240.00 to C$260.00 and gave the stock an “outperform” rating in a research report on Thursday, August 6th. Three analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$198.00.

Shopify Stock Up 3.8%

The business’s 50 day moving average is C$204.90 and its 200 day moving average is C$176.53. The company has a debt-to-equity ratio of 1.40, a quick ratio of 5.74 and a current ratio of 5.35. The stock has a market cap of C$325.69 billion, a price-to-earnings ratio of 171.03, a price-to-earnings-growth 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.