Investors Purchase Large Volume of Call Options on Shopify (NASDAQ:SHOP)

Shopify Inc. (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) saw unusually large options trading on Monday. Stock investors acquired 100,589 call options on the stock. This is an increase of 97% compared to the average volume of 50,948 call options.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. National Bank Financial lowered their price objective on Shopify from $200.00 to $155.00 and set an “outperform” rating for the company in a research note on Wednesday, May 27th. Canaccord Genuity Group decreased their price target on Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a report on Wednesday, May 6th. Robert W. Baird set a $150.00 price target on Shopify in a report on Wednesday, May 6th. Citizens Jmp lowered their price target on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Finally, UBS Group reaffirmed a “neutral” rating on shares of Shopify in a research note on Thursday, May 28th. Three research analysts have rated the stock with a Strong Buy rating, thirty-two have issued a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $157.58.

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Hedge Funds Weigh In On Shopify

Institutional investors have recently modified their holdings of the stock. Kingdom Financial Group LLC. purchased a new stake in shares of Shopify in the fourth quarter valued at approximately $26,000. Curio Wealth LLC purchased a new position in Shopify during the 4th quarter worth $27,000. Evolution Wealth Management Inc. increased its holdings in Shopify by 203.9% during the 1st quarter. Evolution Wealth Management Inc. now owns 231 shares of the software maker’s stock worth $27,000 after purchasing an additional 155 shares during the period. Graney & King LLC purchased a new position in Shopify during the 1st quarter worth $27,000. Finally, Mowery & Schoenfeld Wealth Management LLC bought a new stake in Shopify during the 4th quarter valued at $29,000. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 3.7%

SHOP stock traded up $4.54 during trading on Monday, hitting $128.10. The company had a trading volume of 4,337,656 shares, compared to its average volume of 10,610,411. The firm has a market capitalization of $166.23 billion, a P/E ratio of 126.83, a PEG ratio of 2.68 and a beta of 2.58. Shopify has a 52-week low of $94.00 and a 52-week high of $182.19. The company has a 50 day simple moving average of $112.47 and a 200-day simple moving average of $123.35.

About Shopify

(Get Free Report)

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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