Shopify Target of Unusually High Options Trading (NASDAQ:SHOP)

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) was the target of some unusual options trading activity on Monday. Investors purchased 100,154 call options on the stock. This represents an increase of 112% compared to the typical volume of 47,168 call options.

Wall Street Analyst Weigh In

A number of research analysts have commented on SHOP shares. Benchmark increased their price target on shares of Shopify from $145.00 to $170.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Morgan Stanley lowered shares of Shopify from an “overweight” rating to a “buy” rating in a report on Monday, July 13th. The Goldman Sachs Group raised their price target on Shopify from $170.00 to $194.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. UBS Group restated a “neutral” rating and issued a $145.00 price objective (up from $130.00) on shares of Shopify in a report on Thursday, August 6th. Finally, Citigroup reaffirmed an “outperform” rating on shares of Shopify in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating, thirty-five have given a Buy rating and ten have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $171.34.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently modified their holdings of the company. Premier Financial Group purchased a new stake in Shopify during the second quarter valued at $48,000. Security National Bank of SO Dak bought a new position in Shopify in the second quarter valued at about $69,000. Wellington Altus USA Inc. boosted its position in Shopify by 977.6% in the second quarter. Wellington Altus USA Inc. now owns 7,953 shares of the software maker’s stock worth $946,000 after purchasing an additional 7,215 shares during the last quarter. Anchor Investment Management LLC grew its stake in shares of Shopify by 33.6% during the 2nd quarter. Anchor Investment Management LLC now owns 11,432 shares of the software maker’s stock valued at $1,305,000 after purchasing an additional 2,875 shares during the period. Finally, Van Hulzen Asset Management LLC grew its stake in shares of Shopify by 42.0% during the 2nd quarter. Van Hulzen Asset Management LLC now owns 4,190 shares of the software maker’s stock valued at $478,000 after purchasing an additional 1,240 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Stock Performance

Shares of NASDAQ:SHOP traded up $1.27 during midday trading on Monday, reaching $129.77. 2,137,452 shares of the company’s stock traded hands, compared to its average volume of 10,337,076. The stock has a 50 day moving average of $136.53 and a 200 day moving average of $123.51. The company has a debt-to-equity ratio of 0.01, a quick ratio of 5.35 and a current ratio of 5.35. The company has a market cap of $166.97 billion, a price-to-earnings ratio of 87.68, a P/E/G ratio of 2.61 and a beta of 2.61. Shopify has a one year low of $94.00 and a one year high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Wednesday, August 5th. The software maker reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.02. The firm had revenue of $3.58 billion during the quarter. Shopify had a net margin of 14.53% and a return on equity of 12.58%. The business’s revenue was up 33.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.69 earnings per share. As a group, equities research analysts anticipate that Shopify will post 1.46 EPS for the current fiscal year.

About Shopify

Shopify Inc (NASDAQ:SHOP) is a commerce technology company that provides tools for businesses of various sizes to start, operate and grow retail operations. Its platform enables merchants to create and manage online stores, sell through social media and other digital channels, and support in-person sales through Shopify’s point-of-sale solutions.

Shopify’s products and services include online storefront and website-building tools, payment processing through Shopify Payments, point-of-sale hardware and software, inventory and order management, shipping and fulfillment tools, marketing features, analytics, and financing services for eligible merchants.