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Technology

Shopify puts late 2019 swoon behind it as shares hit new all-time high

Shopify shares traded as high as $549.85 on the TSX and one analyst says the stock still has more room to grow

As of today Shopify is the tenth largest company on the TSX by market capitalization at around $62 billion, just behind the Bank of Montreal but ahead of BCE Inc.
January and February were strong enough that the slowdown shouldn't skew results too far off expectations, Shopify says. (Kevin Van Paassen/Bloomberg files)
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By
James McLeod

Shares of Shopify Inc. touched a new all-time high on Tuesday, as the Ottawa-based tech company continued to work its way back into investors’ good books after a swoon in late 2019.

Shopify shares traded as high as $549.85 on the Toronto Stock Exchange, before losing some ground to close the day at $539.03. The company’s record close of $541.49 came in August, before a pullback wiped out about 31 per cent of its value.

The selloff was triggered by Shopify’s US$450 million acquisition of 6 River Systems in early September, and deepened later in the month when it raised US$634 million in a stock offering.

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