Stock Traders Buy High Volume of Shopify Call Options (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw some unusual options trading activity on Tuesday. Stock traders purchased 211,074 call options on the company. This is an increase of approximately 305% compared to the average volume of 52,070 call options.

Shopify Price Performance

SHOP traded up $18.25 during trading on Tuesday, reaching $108.24. The stock had a trading volume of 63,849,738 shares, compared to its average volume of 9,286,535. The stock has a market cap of $139.67 billion, a PE ratio of 110.20, a PEG ratio of 2.91 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify has a one year low of $48.56 and a one year high of $114.51. The business has a 50-day moving average of $78.73 and a 200-day moving average of $69.92.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Cerity Partners LLC boosted its position in Shopify by 35.8% during the third quarter. Cerity Partners LLC now owns 85,993 shares of the software maker’s stock valued at $6,891,000 after buying an additional 22,667 shares during the period. Great Valley Advisor Group Inc. boosted its position in Shopify by 16.2% during the third quarter. Great Valley Advisor Group Inc. now owns 13,966 shares of the software maker’s stock valued at $1,119,000 after buying an additional 1,952 shares during the period. Meridian Wealth Management LLC boosted its position in Shopify by 24.1% during the third quarter. Meridian Wealth Management LLC now owns 115,781 shares of the software maker’s stock valued at $9,279,000 after buying an additional 22,502 shares during the period. Raymond James Trust N.A. boosted its position in Shopify by 121.3% during the third quarter. Raymond James Trust N.A. now owns 24,813 shares of the software maker’s stock valued at $1,989,000 after buying an additional 13,600 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Shopify by 6.0% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,416,436 shares of the software maker’s stock worth $193,802,000 after purchasing an additional 136,530 shares during the period. Institutional investors own 69.27% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on SHOP shares. JPMorgan Chase & Co. raised their price target on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a report on Tuesday, August 20th. Roth Mkm lifted their target price on shares of Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Bank of America upgraded shares of Shopify from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $78.00 to $82.00 in a report on Tuesday, July 16th. Loop Capital upped their target price on shares of Shopify from $80.00 to $90.00 and gave the stock a “hold” rating in a research note on Wednesday, October 9th. Finally, Royal Bank of Canada upped their price target on Shopify from $85.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $81.03.

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.