Shopify Inc. (NYSE:SHOP) Sees Significant Decline in Short Interest

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

Shopify Trading Up 2.7 %

Shares of NYSE SHOP traded up $3.06 during trading on Friday, hitting $115.60. 6,178,258 shares of the company traded hands, compared to its average volume of 9,300,938. The firm has a market capitalization of $149.37 billion, a P/E ratio of 108.04, a P/E/G ratio of 2.96 and a beta of 2.36. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The company has a 50-day moving average price of $89.16 and a 200-day moving average price of $73.85. Shopify has a 1 year low of $48.56 and a 1 year high of $116.35.

Analyst Upgrades and Downgrades

SHOP has been the topic of a number of analyst reports. Oppenheimer lifted their price objective on shares of Shopify from $90.00 to $130.00 and gave the company an “outperform” rating in a research report on Wednesday, November 13th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Tuesday, September 17th. DZ Bank downgraded shares of Shopify from a “hold” rating to a “sell” rating in a research report on Thursday, November 21st. JPMorgan Chase & Co. boosted their target price on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 20th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price target on shares of Shopify in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.84.

Institutional Investors Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in SHOP. Peapack Gladstone Financial Corp raised its holdings in shares of Shopify by 29.3% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock worth $765,000 after purchasing an additional 2,162 shares during the period. Synovus Financial Corp acquired a new stake in Shopify during the 3rd quarter worth approximately $481,000. Wilmington Savings Fund Society FSB acquired a new stake in Shopify during the 3rd quarter worth approximately $615,000. World Investment Advisors LLC raised its holdings in Shopify by 113.4% in the third quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock valued at $1,022,000 after buying an additional 6,776 shares during the period. Finally, Sanctuary Advisors LLC lifted its position in Shopify by 11.6% during the third quarter. Sanctuary Advisors LLC now owns 151,227 shares of the software maker’s stock valued at $12,119,000 after buying an additional 15,740 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.