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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the recipient of unusually large options trading activity on Thursday. Traders purchased 65,460 call options on the company. This is an increase of approximately 14% compared to the typical volume of 57,243 call options.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. New Street Research assumed coverage on Shopify in a research note on Friday, January 10th. They set a “neutral” rating and a $115.00 price objective on the stock. JMP Securities reissued a “market outperform” rating and set a $120.00 price target on shares of Shopify in a research report on Thursday, December 12th. Truist Financial upped their price target on Shopify from $110.00 to $120.00 and gave the stock a “hold” rating in a report on Wednesday. Oppenheimer lifted their price objective on shares of Shopify from $130.00 to $150.00 and gave the company an “outperform” rating in a research note on Wednesday. Finally, Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 12th. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.14.

Shopify Price Performance

NYSE SHOP opened at $127.65 on Friday. The company’s 50 day simple moving average is $111.43 and its 200 day simple moving average is $92.02. The firm has a market capitalization of $164.93 billion, a PE ratio of 119.30, a P/E/G ratio of 2.49 and a beta of 2.47. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a 12 month low of $48.56 and a 12 month high of $128.00.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, equities research analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently modified their holdings of the stock. Tidemark LLC increased its position in Shopify by 3.6% in the 4th quarter. Tidemark LLC now owns 2,592 shares of the software maker’s stock valued at $276,000 after acquiring an additional 90 shares in the last quarter. Howland Capital Management LLC lifted its position in shares of Shopify by 2.0% during the fourth quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker’s stock worth $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont grew its stake in shares of Shopify by 9.9% during the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker’s stock valued at $118,000 after purchasing an additional 100 shares during the last quarter. First United Bank & Trust increased its holdings in shares of Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker’s stock valued at $488,000 after purchasing an additional 100 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC raised its position in Shopify by 50.0% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker’s stock worth $32,000 after purchasing an additional 100 shares during the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, 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.