Shopify Sees Unusually High Options Volume (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the target of some unusual options trading on Wednesday. Traders acquired 67,675 call options on the company. This is an increase of approximately 30% compared to the average daily volume of 51,868 call options.

Institutional Trading of Shopify

A number of institutional investors have recently modified their holdings of the company. Cim LLC boosted its holdings in shares of Shopify by 1.3% during the first quarter. Cim LLC now owns 12,512 shares of the software maker’s stock worth $1,194,000 after purchasing an additional 160 shares during the period. Modern Wealth Management LLC boosted its holdings in Shopify by 14.2% in the first quarter. Modern Wealth Management LLC now owns 2,743 shares of the software maker’s stock valued at $262,000 after acquiring an additional 342 shares in the last quarter. Anson Funds Management LP bought a new stake in Shopify in the first quarter valued at $955,000. Anderson Financial Strategies LLC bought a new stake in Shopify in the first quarter valued at $267,000. Finally, Strs Ohio bought a new stake in Shopify in the first quarter valued at $30,577,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

SHOP has been the subject of a number of recent analyst reports. Barclays reduced their target price on Shopify from $100.00 to $94.00 and set an “equal weight” rating for the company in a report on Friday, May 9th. Atb Cap Markets raised shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Thursday, May 8th. Wells Fargo & Company lifted their price objective on Shopify from $107.00 to $125.00 and gave the company an “overweight” rating in a research note on Friday, June 6th. JPMorgan Chase & Co. reduced their target price on Shopify from $124.00 to $115.00 and set an “overweight” rating for the company in a research report on Friday, May 9th. Finally, The Goldman Sachs Group reduced their target price on Shopify from $150.00 to $130.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. One equities research analyst has rated the stock with a sell rating, fourteen have issued a hold rating, twenty-six have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $115.39.

Shopify Trading Down 4.3%

Shopify stock opened at $109.21 on Friday. The firm has a 50-day moving average of $98.07 and a 200-day moving average of $105.14. The firm has a market cap of $141.41 billion, a P/E ratio of 70.46, a P/E/G ratio of 4.82 and a beta of 2.63. Shopify has a 1-year low of $48.56 and a 1-year high of $129.38.

About Shopify

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.