Shopify Inc. (NYSE:SHOP) Short Interest Down 12.2% in May

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP saw a large drop in short interest in the month of May. As of May 15th, there was short interest totalling 18,710,000 shares, a drop of 12.2% from the April 30th total of 21,320,000 shares. Currently, 1.6% of the shares of the company are short sold. Based on an average daily volume of 13,350,000 shares, the short-interest ratio is presently 1.4 days.

Shopify Price Performance

NYSE SHOP traded up $1.45 on Thursday, hitting $105.03. 11,084,085 shares of the company's stock were exchanged, compared to its average volume of 9,407,949. The firm's 50-day moving average price is $95.74 and its two-hundred day moving average price is $105.00. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $129.38. The firm has a market cap of $136.00 billion, a price-to-earnings ratio of 67.76, a P/E/G ratio of 4.82 and a beta of 2.66.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Allianz SE acquired a new position in Shopify during the fourth quarter worth about $27,000. PFG Private Wealth Management LLC grew its holdings in shares of Shopify by 3,657.1% in the 4th quarter. PFG Private Wealth Management LLC now owns 263 shares of the software maker's stock worth $28,000 after acquiring an additional 256 shares during the period. Fourth Dimension Wealth LLC acquired a new stake in shares of Shopify in the 4th quarter worth approximately $30,000. Smithfield Trust Co grew its holdings in shares of Shopify by 149.2% in the 1st quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock worth $30,000 after acquiring an additional 188 shares during the period. Finally, Dagco Inc. acquired a new stake in Shopify in the first quarter valued at $30,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently weighed in on SHOP shares. Phillip Securities lowered shares of Shopify from a "strong-buy" rating to a "moderate buy" rating in a research report on Monday, February 17th. Barclays decreased their price objective on Shopify from $100.00 to $94.00 and set an "equal weight" rating on the stock in a report on Friday, May 9th. Canaccord Genuity Group upped their price target on Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. National Bankshares decreased their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a research report on Friday, April 25th. Finally, BNP Paribas cut shares of Shopify from a "strong-buy" rating to a "hold" rating in a research report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, fourteen have given a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.37.

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.