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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw a significant decline in short interest in 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 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 short sold.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its holdings in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. FMR LLC raised its holdings in shares of Shopify by 16.1% in the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after purchasing an additional 5,869,795 shares in the last quarter. TD Asset Management Inc lifted its stake in Shopify by 6.9% during the second quarter. TD Asset Management Inc now owns 8,661,462 shares of the software maker’s stock valued at $572,263,000 after purchasing an additional 559,917 shares during the last quarter. Legal & General Group Plc boosted its holdings in Shopify by 1.8% during the second quarter. Legal & General Group Plc now owns 8,233,517 shares of the software maker’s stock worth $544,017,000 after buying an additional 145,618 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in Shopify by 6.3% in the third quarter. The Manufacturers Life Insurance Company now owns 8,211,511 shares of the software maker’s stock worth $658,248,000 after buying an additional 484,561 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. The Goldman Sachs Group increased their target price on Shopify from $88.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, November 13th. Loop Capital increased their price objective on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. JPMorgan Chase & Co. lifted their price objective on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research note on Tuesday, August 20th. Moffett Nathanson upped their target price on shares of Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Roth Mkm boosted their price objective on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $95.84.

Shopify Price Performance

Shopify stock traded up $3.06 during trading hours on Friday, hitting $115.60. 6,178,258 shares of the company traded hands, compared to its average volume of 9,300,938. Shopify has a 1-year low of $48.56 and a 1-year high of $116.35. The firm has a market cap 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 firm’s 50-day simple moving average is $89.16 and its two-hundred day simple moving average is $73.85. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

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.