Soaring stock price lands Shopify at No. 2 on TSX's hot 30 list

Shopify sign

Shopify’s September to remember continued this week when it grabbed the No. 2 spot on the Toronto Stock Exchange’s list of its 30 top-performing stocks over the past three years.

The Ottawa-based e-commerce powerhouse’s share price has risen 846 per cent in that span, good for second on the 2021 TSX30 list behind Aura Minerals’ growth of 1,125 per cent. 

Companies are ranked on their dividend-adjusted share price performance. Shopify was the only local firm to make the list.

The last few weeks have been a particularly noteworthy stretch for the Ottawa software company, which has been on a roll as online spending has surged during the pandemic. 

Last week, Shopify president Harley Finkelstein was named to Fortune’s 2021 Forty Under 40 list, joining a high-powered group of honourees that also includes tennis star Naomi Osaka, Tesla CFO Zach Kirkhorn and TikTok CEO Shou Zi Chew.

Shopify also recently signed a multi-year partnership with digital marketing firm Yotpo that will reportedly see the Ottawa company invest $30-million in the Israeli tech unicorn. 

Global commerce 'hub'

In a news release last week, Yotpo said the deal will position it as “one of the early launch partners for new Shopify development features.” It said the two companies “will work to develop shopping experiences that are seamlessly connected between touchpoints and improve the one-to-one relationship between merchants and their customers.”

On Tuesday, Shopify announced it was launching Shopify Markets, which it calls a “centralized hub with all the tools needed for merchants to manage global commerce.”

The company says the new system will make it easier for merchants to penetrate cross-border markets, allowing them to manage global customers via a central dashboard and helping them customize payment methods, pricing and product rollouts in each region.

Shopify said the new product will give merchants “a unified view of their entire business” and let them easily monitor how their business is performing in specific markets.

The latest moves come as Shopify continues to stake its claim as a global e-commerce software leader. 

The firm’s quarterly revenues cracked the US$1-billion mark for the first time in the three-month period ending June 30, while the company turned a profit of nearly $880-million, its fifth straight profitable quarter.