Investors Purchase High Volume of Shopify Call Options (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP - Get Free Report) TSE: SHOP was the target of some unusual options trading on Wednesday. Traders purchased 67,675 call options on the company. This represents an increase of approximately 30% compared to the average daily volume of 51,868 call options.

Institutional Investors Weigh In On Shopify

Hedge funds and other institutional investors have recently bought and sold shares of the business. Kessler Investment Group LLC acquired a new position in shares of Shopify in the 4th quarter worth approximately $6,105,000. Empowered Funds LLC boosted its stake in shares of Shopify by 39.7% during the 4th quarter. Empowered Funds LLC now owns 31,355 shares of the software maker's stock worth $3,334,000 after acquiring an additional 8,909 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Shopify by 150.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 475,564 shares of the software maker's stock worth $51,121,000 after acquiring an additional 285,737 shares during the last quarter. Pittenger & Anderson Inc. lifted its holdings in shares of Shopify by 35.9% during the fourth quarter. Pittenger & Anderson Inc. now owns 51,951 shares of the software maker's stock valued at $5,524,000 after purchasing an additional 13,736 shares during the last quarter. Finally, Chevy Chase Trust Holdings LLC acquired a new position in shares of Shopify in the 4th quarter valued at $213,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. JPMorgan Chase & Co. decreased their price target on Shopify from $124.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, May 9th. CIBC lifted their price target on shares of Shopify from $135.00 to $160.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 12th. UBS Group decreased their price objective on shares of Shopify from $125.00 to $110.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Canaccord Genuity Group raised their target price on Shopify from $125.00 to $140.00 and gave the company a "buy" rating in a research note on Wednesday, February 12th. Finally, Mizuho cut their price target on Shopify from $110.00 to $85.00 and set a "neutral" rating on the stock in a research note on Monday, April 14th. One analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-six have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $115.39.

Shopify Price Performance

Shares of Shopify stock traded down $4.92 on Thursday, hitting $109.21. The company had a trading volume of 8,648,082 shares, compared to its average volume of 9,405,853. Shopify has a 52 week low of $48.56 and a 52 week high of $129.38. The company has a market cap of $141.41 billion, a PE ratio of 70.46, a PEG ratio of 4.82 and a beta of 2.63. The business has a 50-day simple moving average of $97.46 and a 200-day simple moving average of $105.15.

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.