Traders Buy Large Volume of Call Options on Shopify (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the recipient of unusually large options trading activity on Tuesday. Stock investors purchased 211,074 call options on the stock. This represents an increase of 305% compared to the typical volume of 52,070 call options.

Institutional Trading of Shopify

Several institutional investors have recently made changes to their positions in the company. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of Shopify by 100.0% in the second quarter. Oliver Lagore Vanvalin Investment Group now owns 400 shares of the software maker’s stock valued at $26,000 after acquiring an additional 200 shares in the last quarter. Brooklyn Investment Group purchased a new position in Shopify in the third quarter worth $33,000. Rosenberg Matthew Hamilton boosted its position in Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. Cultivar Capital Inc. bought a new position in Shopify in the 2nd quarter valued at $33,000. Finally, Hazlett Burt & Watson Inc. purchased a new stake in shares of Shopify during the 2nd quarter valued at $33,000. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Up 5.7 %

Shopify stock opened at $115.13 on Thursday. The firm has a market capitalization of $148.56 billion, a price-to-earnings ratio of 107.60, a price-to-earnings-growth ratio of 3.64 and a beta of 2.36. The firm’s fifty day moving average price is $80.36 and its two-hundred day moving average price is $70.50. Shopify has a 1-year low of $48.56 and a 1-year high of $115.62. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.09. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. On average, equities research analysts predict that Shopify will post 0.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several recent research reports. Roth Mkm boosted their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. JPMorgan Chase & Co. upped their price target 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. Robert W. Baird lifted their price objective on shares of Shopify from $90.00 to $126.00 and gave the stock an “outperform” rating in a research note on Wednesday. Truist Financial boosted their price objective on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday. Finally, Loop Capital lifted their price target on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. One research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $94.95.

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.