Shopify (TSE:SHOP) Share Price Crosses Below 50-Day Moving Average – Here’s What Happened

Shares of Shopify Inc. (TSE:SHOP) crossed below its 50-day moving average during trading on Friday . The stock has a 50-day moving average of C$155.07 and traded as low as C$149.05. Shopify shares last traded at C$149.55, with a volume of 2,739,516 shares.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on SHOP. National Bankshares raised their price target on shares of Shopify from C$100.00 to C$140.00 in a report on Wednesday, November 13th. ATB Capital downgraded Shopify from an “outperform” rating to a “sector perform” rating and raised their price target for the stock from C$120.00 to C$145.00 in a research note on Wednesday, November 13th.

Shopify Price Performance

The firm has a 50-day moving average of C$155.07 and a 200-day moving average of C$118.78. The stock has a market cap of C$180.96 billion, a PE ratio of 109.16, a PEG ratio of 0.87 and a beta of 2.36. The company has a debt-to-equity ratio of 12.40, a current ratio of 7.32 and a quick ratio of 5.74.

Insider Buying and Selling

In other news, Director Tobyn David Shannan sold 433 shares of Shopify stock in a transaction on Monday, December 9th. The stock was sold at an average price of C$163.19, for a total value of C$70,661.92. Also, Senior Officer Jessica Hertz sold 4,963 shares of Shopify stock in a transaction on Thursday, December 12th. The stock was sold at an average price of C$167.08, for a total transaction of C$829,193.57. Over the last three months, insiders have sold 42,394 shares of company stock worth $6,521,950. Corporate insiders own 0.18% of the company’s stock.

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.