Stock Traders Purchase High Volume of Call Options on Shopify (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the target of unusually large options trading activity on Friday. Investors purchased 93,858 call options on the stock. This is an increase of approximately 67% compared to the average daily volume of 56,062 call options.

Institutional Trading of Shopify

Institutional investors have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group lifted its holdings in Shopify by 100.0% in the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. purchased a new position in shares of Shopify in the second quarter worth about $33,000. Hazlett Burt & Watson Inc. acquired a new position in Shopify during the second quarter worth about $33,000. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter valued at about $33,000. Finally, Rosenberg Matthew Hamilton grew its stake in Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Price Performance

NYSE:SHOP traded up $3.06 during trading hours on Friday, hitting $115.60. 6,141,196 shares of the stock were exchanged, compared to its average volume of 9,300,770. The firm’s fifty day moving average price is $88.42 and its 200 day moving average price is $73.45. Shopify has a 52-week low of $48.56 and a 52-week high of $116.35. The company has a market cap of $149.37 billion, a P/E ratio of 105.18, a P/E/G ratio of 2.96 and a beta of 2.36. The company has a current ratio of 7.10, a quick ratio of 7.10 and a debt-to-equity ratio of 0.09.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SHOP shares. Truist Financial boosted their target price on Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a research report on Wednesday, November 13th. Cantor Fitzgerald restated a “neutral” rating and set a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Piper Sandler increased their target price on Shopify from $67.00 to $94.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Shopify from $80.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Oppenheimer raised their price target on shares of Shopify from $90.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average price target of $95.84.

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.