18:46:06 EDT Sat 18 May 2024
Enter Symbol
or Name
USA
CA



Shopify Inc
Symbol SHOP
Shares Issued 1,207,317,106
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Globe says Shopify could be Canada's Magnificent One

2024-02-13 08:25 ET - In the News

The Globe and Mail reports in its Tuesday edition that Canada does not have a Magnificent Seven, but the Toronto Stock Exchange still boasts some decent technology players. Globe columnist Gordon Pape writes that one of these is Shopify, with a market cap of $112-billion (all figures U.S.). That makes it a flea compared with the Magnificent Seven group of tech titans, which have market caps ranging from $616-billion (Tesla) to $3-trillion (Microsoft). Although it is small by comparison, Canada's information technology sector is performing well. Over the past year, the S&P/TSX Capped Information Technology Index has gained 44 per cent. Year-to-date it is up 10.3 per cent. Shopify is obviously one of the leaders, with a year-to-date gain of 18.37 per cent after more than doubling in price in 2023. Mr. Pape first recommended it in his Internet Wealth Builder newsletter in February, 2018, at a split-adjusted price of $28.30 (Canadian). It closed Friday at $122.11 (Canadian).

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