Shopify Target of Unusually Large Options Trading (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the recipient of some unusual options trading activity on Friday. Investors bought 93,858 call options on the company. This represents an increase of approximately 67% compared to the average volume of 56,062 call options.

Shopify Price Performance

Shares of NYSE:SHOP traded up $3.06 on Friday, reaching $115.60. The company’s stock had a trading volume of 6,141,196 shares, compared to its average volume of 9,300,770. The company has a 50-day simple moving average of $88.42 and a 200 day simple moving average of $73.45. Shopify has a 52-week low of $48.56 and a 52-week high of $116.35. The company has a debt-to-equity ratio of 0.09, a quick ratio of 7.10 and a current ratio of 7.10. The company has a market cap of $149.37 billion, a P/E ratio of 105.18, a PEG ratio of 2.96 and a beta of 2.36.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on SHOP shares. Piper Sandler boosted their price objective on shares of 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 Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. Loop Capital increased their target price on Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Mizuho lifted their price target on Shopify from $68.00 to $105.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 13th. Finally, Benchmark reissued a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $95.84.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. lifted its stake in shares of Shopify by 0.7% in the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock valued at $1,162,000 after purchasing an additional 105 shares during the last quarter. Moser Wealth Advisors LLC raised its holdings in Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock valued at $755,000 after buying an additional 128 shares during the period. Massmutual Trust Co. FSB ADV lifted its position in Shopify by 7.0% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton boosted its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares during the period. Finally, CVA Family Office LLC increased its position in Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after acquiring an additional 143 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.