Investors Buy High Volume of Call Options on Shopify (NYSE:SHOP)

Shopify Inc. (NYSE:SHOPGet Free Report) (TSE:SHOP) was the recipient of some unusual options trading on Thursday. Stock traders acquired 97,638 call options on the company. This represents an increase of 36% compared to the average daily volume of 71,672 call options.

Wall Street Analyst Weigh In

SHOP has been the subject of a number of recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Shopify in a research report on Monday, January 22nd. Citigroup boosted their price target on Shopify from $87.00 to $96.00 and gave the stock a “neutral” rating in a report on Thursday. Veritas Investment Research set a $52.00 price target on Shopify and gave the stock a “buy” rating in a report on Wednesday, October 25th. Wells Fargo & Company upped their target price on Shopify from $70.00 to $90.00 and gave the stock an “overweight” rating in a report on Friday, February 2nd. Finally, CIBC upped their target price on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a report on Wednesday. Three investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.04.

Check Out Our Latest Analysis on SHOP

Institutional Investors Weigh In On Shopify

Hedge funds have recently added to or reduced their stakes in the company. Snowden Capital Advisors LLC increased its holdings in shares of Shopify by 7.8% in the second quarter. Snowden Capital Advisors LLC now owns 30,211 shares of the software maker’s stock worth $1,952,000 after buying an additional 2,180 shares during the period. Soltis Investment Advisors LLC purchased a new position in shares of Shopify in the second quarter worth about $222,000. Modera Wealth Management LLC purchased a new position in Shopify during the 2nd quarter valued at about $215,000. Great West Life Assurance Co. Can increased its holdings in Shopify by 14.7% during the 2nd quarter. Great West Life Assurance Co. Can now owns 897,052 shares of the software maker’s stock valued at $58,299,000 after purchasing an additional 114,724 shares during the period. Finally, Private Trust Co. NA increased its holdings in Shopify by 20.7% during the 2nd quarter. Private Trust Co. NA now owns 7,466 shares of the software maker’s stock valued at $482,000 after purchasing an additional 1,282 shares during the period. Institutional investors own 60.28% of the company’s stock.

Shopify Price Performance

Shopify stock opened at $87.88 on Friday. The firm has a market capitalization of $112.91 billion, a P/E ratio of -96.57 and a beta of 2.27. Shopify has a one year low of $39.02 and a one year high of $91.44. The business has a fifty day moving average price of $78.08 and a 200-day moving average price of $65.68. The company has a debt-to-equity ratio of 0.13, a current ratio of 7.23 and a quick ratio of 7.23.

About Shopify

(Get Free Report)

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.

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