Shopify Inc. (NYSE:SHOP) Short Interest Update

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the target of a large decline in short interest during the month of November. As of November 15th, there was short interest totalling 17,070,000 shares, a decline of 20.3% from the October 31st total of 21,420,000 shares. Based on an average daily trading volume, of 7,090,000 shares, the days-to-cover ratio is currently 2.4 days. Currently, 1.4% of the company’s stock are sold short.

Analysts Set New Price Targets

Several research analysts have recently commented on SHOP shares. Moffett Nathanson increased their price target on shares of Shopify from $86.00 to $99.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Evercore increased their target price on shares of Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. JMP Securities boosted their price target on Shopify from $80.00 to $120.00 and gave the stock a “market outperform” rating in a research report on Wednesday, November 13th. Oppenheimer increased their price objective on Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a report on Wednesday, November 13th. Finally, Atb Cap Markets lowered Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $95.84.

Institutional Trading of Shopify

A number of large investors have recently bought and sold shares of the stock. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Shopify by 100.0% during the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock worth $26,000 after buying an additional 200 shares in the last quarter. Brooklyn Investment Group acquired a new stake in Shopify during the 3rd quarter valued at $33,000. Rosenberg Matthew Hamilton raised its position in Shopify by 41.3% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after purchasing an additional 133 shares during the last quarter. Cultivar Capital Inc. acquired a new position in Shopify in the second quarter worth $33,000. Finally, Hazlett Burt & Watson Inc. acquired a new position in Shopify in the second quarter worth $33,000. 69.27% of the stock is currently owned by institutional investors.

Shopify Price Performance

NYSE SHOP traded up $3.06 during trading on Friday, reaching $115.60. 6,178,258 shares of the company traded hands, compared to its average volume of 11,302,618. Shopify has a 1-year low of $48.56 and a 1-year high of $116.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The stock’s 50 day moving average price is $89.16 and its two-hundred day moving average price is $73.96. The company has a market cap of $149.37 billion, a price-to-earnings ratio of 108.04, a P/E/G ratio of 3.04 and a beta of 2.36.

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.