TORONTO, July 1, 2026, 19:03 EDT
- Shopify finished 6.52% higher at $121.63 on Nasdaq. The Toronto Stock Exchange was closed for Canada Day, with the TSX listing last at C$162.26.
- Based on the $1.4220 USD/CAD rate, the Nasdaq close works out to around C$172.96—about 6.6% higher than in Toronto.
- Shopify has settled a copyright lawsuit with Shopline, which is owned by JOYY Inc. NASDAQ:JOYY, Reuters said. Terms of the deal are confidential.
Shopify Inc. NASDAQ:SHOP climbed in New York on Wednesday. Its Toronto shares stayed flat with markets closed for Canada Day. TMX Group said the TSX and related markets shut on July 1 and reopen July 2.
Shopify’s U.S. quote didn’t just rally. It opened up a currency-adjusted gap. Nasdaq shares finished at $121.63. At $1.4220 per U.S. dollar, that’s about C$172.96. The TSX last traded at C$162.26, so the spread is C$10.70.
| Price point | Figure | Investor read-through |
|---|---|---|
| NASDAQ:SHOP close | $121.63, +6.52% | U.S. shares jumped while Canada was closed |
| TSX:SHOP last quote | C$162.26, -0.04% | Toronto quote trails, needs to catch up |
| USD/CAD | 1.4220 | FX shift widens the price jump in Canada |
| Implied TSX value | C$172.96 | Nasdaq close run through currency conversion |
| Implied gap vs TSX quote | C$10.70, or 6.6% | Gap gets tested at Thursday local open |
The size of the gap is important because Shopify trades in both Canada and the U.S., and there’s demand from U.S. index trackers. Nasdaq said Shopify joined the Nasdaq-100 before the market opened May 19, 2025.
The stock moved higher even as the broader market slipped. According to Reuters, the Nasdaq Composite dropped 0.66% Wednesday and the S&P 500 fell 0.22%. Shopify finished about 7.2 percentage points above the Nasdaq for the session.
Shopify barely budged before Wednesday, ending June 24 at $114.17 and June 30 at $114.18—a single cent higher ahead of the July 1 move.
| Date | Close | Day move |
|---|---|---|
| June 24 | $114.17 | up 6.03% |
| June 25 | $111.62 | fell 2.23% |
| June 26 | $116.86 | gained 4.69% |
| June 29 | $114.21 | dropped 2.27% |
| June 30 | $114.18 | off 0.03% |
| July 1 | $121.63 | rose 6.52% |
Shopify’s market cap stood at $157.83 billion, according to Google Finance, with 8.40 million shares traded—just under the 9.25 million average. The 6.52% gain pushed its equity value up by about $9.7 billion for the session.
Shopify’s board in June cleared another $3 billion for share buybacks, bringing its buyback authorization to $5 billion. CFO Jeff Hoffmeister called it “confidence in the durability of our business and the opportunity ahead.” GlobeNewswire
Legal news on Tuesday as Reuters reported Shopify and Shopline, which is part of JOYY Inc. NASDAQ:JOYY, told a Manhattan federal judge they want Shopline blocked from distributing certain software. The request came after the two sides agreed to settle a lawsuit, though most terms stayed secret. “Shopline copied our Dawn theme, rebranded it, and sold it against us,” Shopify general counsel Jean Niehaus said. Reuters
Shopify hit a separate platform deadline this week. Its changelog listed June 30 as the deprecation date for Shopify Scripts, and merchants were told to switch to Shopify Functions or a public app. The company did not mention any revenue effect.
Analyst sentiment is mostly upbeat, but valuation keeps opinions mixed. Google Finance lists 24 analysts in the last three months: 20 say buy, four stay at hold, and none recommend selling. Their average 12-month target is $155.99. The lowest target comes in at $110, under where shares finished Wednesday.
| Analyst snapshot | Figure |
|---|---|
| Buy calls | 20 |
| Holds | 4 |
| Sells | 0 |
| Avg. price target | $155.99 |
| Top target | $200.00 |
| Low target | $110.00 |
Cross-border trading is set for a choppy week. Toronto markets stay closed until Thursday for Canada Day. Nasdaq will be shut on July 3 for the U.S. Independence Day holiday. Shopify’s Canadian shares will trade locally on Friday, but regular Nasdaq trading in the U.S. listing won’t run that day.
