NEW YORK, Feb 6, 2026, 14:13 EST — Trading in the regular session.
- Shopify shares slipped roughly 1% by midday.
- A director submitted a Rule 144 notice to sell 1,200 shares.
- Ahead of Shopify’s Feb. 11 earnings and updated outlook, investors are making their moves.
Shares of Shopify Inc dropped on Friday, going against a wider rally in U.S. stocks as investors digested news of an insider’s upcoming share sale and remained wary of high-growth software stocks. By 2:13 p.m. EST, the stock had slipped 0.9% to $110.19, after earlier reaching $114.98.
The decline arrives just days ahead of Shopify’s fourth-quarter and full-year earnings, set to be released before the U.S. market opens on Feb. 11. Management plans to hold a conference call at 8:30 a.m. ET. 1
Tech stocks took a hit, rattling investors ahead of a busy week of data. The U.S. jobs report drops Wednesday, followed by consumer price figures on Friday—both delayed by a recent government shutdown. “Rotation is the dominant theme this year,” said Angelo Kourkafas, senior global investment strategist at Edward Jones, highlighting the move away from crowded tech bets. 2
A Form 144 filing revealed that director Gail Goodman plans to sell 1,200 Class A shares through Morgan Stanley Smith Barney, valued at $136,824 in total. The shares were acquired on Feb. 5 through stock option exercises, the filing noted. It also detailed previous 10b5-1 sales made in the last three months. 3
Rule 144 is the SEC’s mechanism for insiders to indicate plans to sell restricted or control shares, provided certain conditions are met. A 10b5-1 plan, on the other hand, is a pre-set trading strategy designed to minimize the risk of trading while in possession of material non-public information.
Investors will zero in on Shopify’s gross merchandise volume (GMV) — the total value of goods sold on its platform — and the slice Shopify takes via payments, shipping, and other merchant services. Expect close attention on operating costs and the speed of product investment too, especially as sentiment has shifted sharply against richly valued software stocks.
On Wall Street, analysts monitored by StockAnalysis give Shopify an average rating of “Buy,” setting a 12-month price target at $167.48. But individual targets vary widely, ranging from $104 up to $200. 4
Shopify has been dragged down amid a wider “software-mageddon” rout, as investors fret that rapidly evolving AI tools might disrupt the sector and squeeze valuations. “We’re seeing people de-risk from technology in a general way,” noted Andrew Wells, chief investment officer at SanJac Alpha. 5
The broader market found some footing on Friday following a tough week for tech stocks. The Dow, S&P 500, and Nasdaq all gained in late morning trading, despite Amazon’s drop after it signaled a steep rise in 2026 capital expenditures linked to AI infrastructure. Uncertainty around the payoff of AI investments—and their impact on software demand—has kept investor sentiment on edge. 6
Insider sale notices remain frequent but small compared to Shopify’s float, and they don’t necessarily trigger immediate selling pressure. The real risk looms next week: should Shopify’s guidance fall short of an already lofty target, or if the company hints at ramped-up spending in 2026, shares could take a swift hit.
Shopify’s next major event is Feb. 11, with its earnings report coming before the bell and a Q&A session at 8:30 a.m. ET. Investors will also keep an eye on next week’s U.S. jobs and inflation figures, which often move growth stocks quickly if they alter rate outlooks.
