Short Interest in Shopify Inc. (NYSE:SHOP) Declines By 20.3%

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw a significant 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. Approximately 1.4% of the shares of the company are short sold. Based on an average daily volume of 7,090,000 shares, the days-to-cover ratio is currently 2.4 days.

Shopify Stock Up 2.7 %

Shares of NYSE SHOP opened at $115.60 on Monday. The company has a 50 day simple moving average of $89.16 and a 200-day simple moving average of $74.06. The company has a market capitalization of $149.37 billion, a P/E ratio of 108.04, a P/E/G ratio of 3.04 and a beta of 2.36. The company has a debt-to-equity ratio of 0.09, a current ratio of 7.10 and a quick ratio of 7.10. Shopify has a 1 year low of $48.56 and a 1 year high of $116.35.

Institutional Trading of Shopify

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Sunbelt Securities Inc. increased its holdings in shares of Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker’s stock worth $1,162,000 after buying an additional 105 shares during the last quarter. Moser Wealth Advisors LLC increased its holdings in shares of Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after buying an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its holdings in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton boosted its position in shares of Shopify by 41.3% during the 3rd 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 period. Finally, CVA Family Office LLC boosted its position in shares of Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after purchasing an additional 143 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have commented on SHOP shares. Wedbush reaffirmed a “neutral” rating and issued a $115.00 price target (up from $72.00) on shares of Shopify in a report on Tuesday, November 12th. Redburn Atlantic raised shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a report on Tuesday, September 17th. JMP Securities upped their price target on shares of Shopify from $80.00 to $120.00 and gave the company a “market outperform” rating in a report on Wednesday, November 13th. Morgan Stanley upped their price target on shares of Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Finally, Barclays upped their price target on shares of Shopify from $70.00 to $93.00 and gave the company an “equal weight” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Moderate Buy” and a consensus price target of $95.84.

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.