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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 17,070,000 shares, a decrease of 20.3% from the October 31st total of 21,420,000 shares. Currently, 1.4% of the shares of the company are short sold. Based on an average daily trading volume, of 7,090,000 shares, the days-to-cover ratio is currently 2.4 days.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Peapack Gladstone Financial Corp grew its holdings in Shopify by 29.3% during the third quarter. Peapack Gladstone Financial Corp now owns 9,551 shares of the software maker’s stock worth $765,000 after acquiring an additional 2,162 shares during the period. Synovus Financial Corp bought a new position in shares of Shopify during the 3rd quarter valued at about $481,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Shopify in the 3rd quarter worth approximately $615,000. World Investment Advisors LLC raised its holdings in shares of Shopify by 113.4% in the 3rd quarter. World Investment Advisors LLC now owns 12,751 shares of the software maker’s stock worth $1,022,000 after purchasing an additional 6,776 shares in the last quarter. Finally, Sanctuary Advisors LLC lifted its stake in Shopify by 11.6% during the third quarter. Sanctuary Advisors LLC now owns 151,227 shares of the software maker’s stock valued at $12,119,000 after purchasing an additional 15,740 shares during the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. Royal Bank of Canada raised their price objective on Shopify from $100.00 to $130.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. JPMorgan Chase & Co. increased 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. The Goldman Sachs Group lifted their target price on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, November 13th. UBS Group increased their price target on shares of Shopify from $71.00 to $75.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Finally, Benchmark restated a “hold” rating on shares of Shopify in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $95.84.

Shopify Stock Performance

Shares of NYSE:SHOP traded up $3.06 during trading on Friday, hitting $115.60. 6,178,258 shares of the company traded hands, compared to its average volume of 11,302,618. The stock has a market capitalization of $149.37 billion, a price-to-earnings ratio of 108.04, a PEG ratio of 3.04 and a beta of 2.36. Shopify has a one year low of $48.56 and a one year high of $116.35. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The business’s fifty day moving average is $89.16 and its 200-day moving average is $73.96.

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.