Shop Stock: Shopify Inc. (NYSE:SHOP) Short Interest Update
Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the recipient of a significant increase in short interest in the month of March. As of March 15th, there was short interest totalling 1,780,000 shares, an increase of 60.4% from the February 28th total of 1,110,000 shares. Based on an average trading volume of 1,400,000 shares, the short-interest ratio is currently 1.3 days.
SHOP has been the subject of a number of research analyst reports. Cleveland Research initiated coverage on Shopify in a research note on Friday, December 4th. They issued a “buy” rating and a $1,206.00 target price for the company. Credit Suisse Group boosted their target price on Shopify from $1,100.00 to $1,350.00 and gave the company a “neutral” rating in a research note on Thursday, February 18th. Zacks Investment Research cut Shopify from a “strong-buy” rating to a “hold” rating and set a $1,126.00 target price for the company. in a research note on Tuesday, March 9th. KeyCorp boosted their target price on Shopify from $1,350.00 to $1,650.00 and gave the company an “overweight” rating in a research note on Wednesday, February 17th. Finally, Canaccord Genuity boosted their target price on Shopify from $1,000.00 to $1,350.00 and gave the company a “hold” rating in a research note on Thursday, February 25th. One investment analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and fourteen have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $1,282.23.
Several institutional investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. increased its stake in shares of Shopify by 4.6% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 20,105 shares of the software maker’s stock valued at $22,758,000 after acquiring an additional 876 shares in the last quarter. Kestra Advisory Services LLC grew its holdings in Shopify by 7,939.3% in the fourth quarter. Kestra Advisory Services LLC now owns 10,853 shares of the software maker’s stock worth $12,622,000 after purchasing an additional 10,718 shares during the period. Clarius Group LLC increased its stake in Shopify by 4.8% in the fourth quarter. Clarius Group LLC now owns 241 shares of the software maker’s stock valued at $273,000 after purchasing an additional 11 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Shopify by 0.4% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 52,557 shares of the software maker’s stock valued at $59,492,000 after purchasing an additional 188 shares during the period. Finally, Caisse DE Depot ET Placement DU Quebec acquired a new position in shares of Shopify during the fourth quarter valued at about $175,531,000. 56.89% of the stock is owned by institutional investors.
NYSE:SHOP opened at $1,048.68 on Wednesday. Shopify has a one year low of $334.55 and a one year high of $1,499.75. The company has a market cap of $127.85 billion, a P/E ratio of 667.95, a P/E/G ratio of 37.63 and a beta of 1.60. The firm’s fifty day moving average price is $1,241.97 and its two-hundred day moving average price is $1,111.75. The company has a debt-to-equity ratio of 0.14, a current ratio of 17.87 and a quick ratio of 17.87.
Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Wednesday, February 17th. The software maker reported $1.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.56 by $1.02. Shopify had a return on equity of 2.35% and a net margin of 7.99%. The company had revenue of $977.74 million during the quarter, compared to the consensus estimate of $906.82 million. As a group, equities research analysts expect that Shopify will post 1.49 earnings per share for the current year.
Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, the United Kingdom, Australia, Latin America, and internationally. The company’s platform provides merchants to run their business in 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, and access financing.
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