Toronto, July 3, 2026, 15:03 EDT
- Shopify (Nasdaq) ended Thursday at $119.46, off 1.78% ahead of the U.S. holiday break. Shares in Toronto moved the other way, up 0.91% to C$171.19 by late morning Friday.
- U.S. shares gained 2.2% from June 26 through July 2, with most of that increase coming from one move on July 1.
- Shopify has $3.55 billion left on its buyback plan after buying back $1.45 billion of shares earlier, which is about 29.7 million shares based on the last Nasdaq close.
- Shopify put out an 8-K on July 2 reporting board audit chair Prashanth Mahendra-Rajah stepped down after accepting a full-time job with the U.S. Commerce Department.
Shopify Inc. NASDAQ:SHOP closed out the U.S. holiday-shortened week up 2.2% from last Friday to Thursday, all of it coming on Wednesday’s move. The stock traded sideways most of the week. The Nasdaq was closed July 3 for the Independence Day holiday.
Shopify ended Thursday at $119.46, dropping 1.78% with 6.76 million shares traded. That’s under the 65-day average volume some market data providers use. On Shopify’s investor site, the stock lists a 52-week range of $94.00 to $182.19.
| U.S. session | Close | Change | What it did to the week |
|---|---|---|---|
| June 26 | $116.86 | +4.69% | Week kicked off here |
| June 29 | $114.21 | -2.27% | Pulled back some of the run |
| June 30 | $114.18 | -0.03% | Stayed soft, didn’t recover |
| July 1 | $121.63 | +6.52% | This move drove the week higher |
| July 2 | $119.46 | -1.78% | Gave up some ground before the break |
The table is relevant since gains this week came almost all from Wednesday, which was up $7.45 per share. The other three days combined dropped $4.85. Net move since June 26 is $2.60 higher.
Toronto stocks traded while U.S. equities stayed closed. Shopify’s Toronto shares (TSE:SHOP) were quoted at C$171.19, up 0.91% at 11:41 a.m. EDT Friday. TMX marks July 1 as a market holiday in Canada and July 3 for the U.S., but doesn’t list July 3 as a closure for Canadian stocks, only as a special settlement day for U.S.-dollar issues.
| Instrument | Latest cited level | Latest move | Read-through |
|---|---|---|---|
| Shopify, Nasdaq | $119.46 | fell 1.78% on Thursday | Last U.S. cash level ahead of July 6 |
| Shopify, TSX | C$171.19 | up 0.91% Friday morning | Only real-time equity session came in Toronto |
| Nasdaq Composite | 25,832.67 | dropped 0.80% Thursday | Tech stocks stayed under pressure |
| S&P/TSX Composite | 35,333.96 | added 1.0% early Friday | Broader Canadian market outperformed |
Shopify’s split listing gave investors two directions. U.S. shares traded down Thursday with the Nasdaq, and will reopen Monday. In Canada, the stock picked up on Friday. The Nasdaq Composite dropped 0.8% Thursday but still gained 2.1% for the week, AP said. Reuters put the Canadian main index up 1% early Friday.
Investors may focus on the buyback story. Shopify said on June 2 its board cleared another $3 billion for buybacks, raising the total approved to $5 billion. Shopify said it had already spent around $1.45 billion by June 1, leaving about $3.55 billion available. At $119.46 a share, that’s around 29.7 million shares, not counting costs and price shifts. CFO Jeff Hoffmeister called the move evidence of “confidence in the durability of our business.” Shopify
| Buyback item | Figure | Investor math |
|---|---|---|
| Total authorization | $5.00 bln | Works out to 3.2% of market cap, based on $155.7 bln |
| Already repurchased by June 1 | $1.45 bln | Company has used 29% of the buyback authorization |
| Remaining authority | $3.55 bln | Approx. 29.7 mln shares left at $119.46 each |
| Maximum allowed under program | Up to 5% of Class A shares | This is just the legal cap, not what management aims to buy |
This is important for next week since Shopify doesn’t pay a dividend, and its buyback program is the most direct way it returns cash right now. It also sets up a test for how management handles share price, after the YTD drop leading up to the June buyback approval.
Legal and governance developments hit late, with Reuters saying Shopify settled a copyright suit against Shopline in the last two days. The suit claimed Shopline copied Shopify software. Settlement details weren’t released, but Shopify general counsel Jean Niehaus said Shopline has been “ordered to stop and to pay us.” Reuters
Shopify said in a July 2 8-K filing that Prashanth Mahendra-Rajah stepped down from both the board and as audit committee chair, after taking a full-time job at the U.S. Department of Commerce. The filing listed Joe Natale, Shopify’s chair and lead independent director, as the expected new audit committee chair.
The focus for this week is still on the May 5 earnings. Shopify put up first-quarter revenue of $3.17 billion, up 34%. GMV came in at $100.74 billion. Free cash flow was $476 million. For Q2, Shopify is looking for revenue growth in the high twenties percent and a mid-teens free cash flow margin. President Harley Finkelstein said Shopify has started the “AI era with a clear edge.” Shopify
