Investors Buy High Volume of Shopify Call Options (NASDAQ:SHOP)

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) saw unusually large options trading on Monday. Traders bought 100,589 call options on the company. This is an increase of approximately 97% compared to the typical daily volume of 50,948 call options.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on SHOP shares. Piper Sandler reaffirmed an “overweight” rating and set a $150.00 target price (down from $165.00) on shares of Shopify in a research note on Tuesday, May 5th. Canaccord Genuity Group dropped their price target on shares of Shopify from $165.00 to $145.00 and set a “buy” rating on the stock in a research report on Wednesday, May 6th. Jefferies Financial Group upgraded shares of Shopify from a “hold” rating to a “buy” rating and boosted their price target for the stock from $140.00 to $160.00 in a research report on Sunday, July 12th. Citigroup downgraded shares of Shopify from a “market outperform” rating to a “neutral” rating in a report on Friday, July 10th. Finally, Robert W. Baird set a $150.00 price objective on shares of Shopify in a research report on Wednesday, May 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirty-two have assigned a Buy rating and ten have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.58.

Shopify Stock Up 0.7%

SHOP opened at $124.48 on Tuesday. The firm has a market cap of $161.53 billion, a PE ratio of 123.25, a P/E/G ratio of 2.68 and a beta of 2.58. The business has a fifty day simple moving average of $112.90 and a 200-day simple moving average of $123.07. Shopify has a fifty-two week low of $94.00 and a fifty-two week high of $182.19.

Hedge Funds Weigh In On Shopify

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

About Shopify

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.