Stock Traders Buy High Volume of Shopify Call Options (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP – Get Free Report) (TSE:SHOP) saw unusually large options trading activity on Thursday. Investors purchased 155,508 call options on the stock. This represents an increase of 36% compared to the typical volume of 114,400 call options.

Analyst Upgrades and Downgrades

SHOP has been the topic of several analyst reports. Atlantic Securities cut shares of Shopify from an “overweight” rating to a “neutral” rating and boosted their price objective for the stock from $55.00 to $65.00 in a research note on Tuesday, May 9th. BNP Paribas cut shares of Shopify from a “neutral” rating to an “underperform” rating in a research note on Wednesday, May 24th. Oppenheimer boosted their price objective on shares of Shopify from $70.00 to $80.00 in a research note on Tuesday, June 20th. Bank of America raised shares of Shopify from an “underperform” rating to a “neutral” rating in a research note on Thursday, May 4th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Shopify from $67.00 to $75.00 in a research note on Wednesday, June 21st. Two investment analysts have rated the stock with a sell rating, twenty-three have assigned a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $57.23.

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Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Industrial Alliance Investment Management Inc. increased its stake in shares of Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after purchasing an additional 82 shares during the last quarter. Turim 21 Investimentos Ltda. purchased a new position in Shopify in the 1st quarter valued at approximately $148,000. Fairfield Bush & CO. purchased a new position in Shopify in the 1st quarter valued at approximately $169,000. First Manhattan Co. grew its stake in Shopify by 317.5% in the 1st quarter. First Manhattan Co. now owns 263 shares of the software maker’s stock valued at $177,000 after buying an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC grew its stake in Shopify by 508.2% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after buying an additional 249 shares in the last quarter. Hedge funds and other institutional investors own 58.14% of the company’s stock.

Shopify Trading Up 6.7 %

NYSE:SHOP opened at $70.36 on Friday. The company has a debt-to-equity ratio of 0.11, a quick ratio of 6.71 and a current ratio of 6.71. The firm has a market cap of $89.82 billion, a price-to-earnings ratio of -46.60 and a beta of 2.02. Shopify has a 52 week low of $23.63 and a 52 week high of $70.50. The firm has a 50-day moving average price of $62.32 and a two-hundred day moving average price of $50.47.

Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last posted its quarterly earnings data on Thursday, May 4th. The software maker reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.16) by $0.08. The firm had revenue of $1.51 billion during the quarter, compared to analyst estimates of $1.44 billion. Shopify had a negative net margin of 32.49% and a negative return on equity of 6.02%. On average, equities analysts expect that Shopify will post -0.14 earnings per share for the current fiscal year.

Shopify Company Profile

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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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