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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) was the recipient of a large drop in short interest in June. As of June 30th, there was short interest totalling 19,730,000 shares, a drop of 13.7% from the June 15th total of 22,870,000 shares. Approximately 1.6% of the shares of the stock are sold short. Based on an average daily volume of 10,570,000 shares, the short-interest ratio is currently 1.9 days.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of SHOP. Baillie Gifford & Co. lifted its position in shares of Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock worth $4,998,476,000 after buying an additional 1,419,749 shares during the last quarter. Capital World Investors lifted its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. boosted its stake in Shopify by 1.7% in the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Shopify by 21.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after purchasing an additional 5,982,434 shares during the last quarter. Finally, GQG Partners LLC raised its position in shares of Shopify by 197.9% during the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after purchasing an additional 13,885,473 shares during the period. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently commented on SHOP. Robert W. Baird decreased their price objective on shares of Shopify from $87.00 to $77.00 and set an “outperform” rating on the stock in a research report on Thursday, May 9th. Royal Bank of Canada reduced their price target on shares of Shopify from $100.00 to $85.00 and set an “outperform” rating on the stock in a report on Thursday, May 9th. BNP Paribas raised shares of Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday, May 2nd. Mizuho reduced their target price on Shopify from $75.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, May 9th. Finally, DA Davidson lowered their target price on Shopify from $90.00 to $84.00 and set a “buy” rating on the stock in a report on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have issued a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $77.03.

Shopify Stock Down 0.6 %

NYSE SHOP traded down $0.41 during mid-day trading on Monday, reaching $64.48. 3,642,240 shares of the company’s stock traded hands, compared to its average volume of 10,015,050. The company has a current ratio of 7.14, a quick ratio of 7.14 and a debt-to-equity ratio of 0.10. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a fifty day simple moving average of $63.05 and a 200-day simple moving average of $72.22. The company has a market cap of $83.09 billion, a price-to-earnings ratio of -381.71, a P/E/G ratio of 3.24 and a beta of 2.30.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, May 8th. The software maker reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of $0.08 by $0.04. The business had revenue of $1.86 billion during the quarter, compared to the consensus estimate of $1.84 billion. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. As a group, equities research analysts expect that Shopify will post 0.62 EPS for the current year.

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.