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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) saw a significant decline in short interest in the month of January. As of January 31st, there was short interest totalling 13,170,000 shares, a decline of 22.0% from the January 15th total of 16,890,000 shares. Based on an average daily volume of 8,540,000 shares, the days-to-cover ratio is currently 1.5 days. Currently, 1.1% of the shares of the company are short sold.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SHOP shares. Cantor Fitzgerald reiterated a “neutral” rating and set a $120.00 price target on shares of Shopify in a research note on Wednesday. Atb Cap Markets downgraded shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 12th. Benchmark raised shares of Shopify from a “hold” rating to a “buy” rating and set a $150.00 price objective for the company in a research report on Monday. JPMorgan Chase & Co. upped their price target on shares of Shopify from $121.00 to $124.00 and gave the stock an “overweight” rating in a research report on Wednesday. Finally, UBS Group increased their price objective on shares of Shopify from $110.00 to $125.00 and gave the stock a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $125.14.

Hedge Funds Weigh In On Shopify

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Capital World Investors grew its stake in shares of Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after buying an additional 496,982 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Shopify by 5.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 496,188 shares of the software maker’s stock valued at $52,761,000 after buying an additional 26,416 shares in the last quarter. Forum Financial Management LP lifted its holdings in Shopify by 70.8% during the 4th quarter. Forum Financial Management LP now owns 7,125 shares of the software maker’s stock valued at $758,000 after purchasing an additional 2,953 shares during the last quarter. Infusive Asset Management Inc. acquired a new stake in Shopify during the 4th quarter valued at $5,902,000. Finally, Capital International Ltd. CA lifted its holdings in Shopify by 12.8% during the 4th quarter. Capital International Ltd. CA now owns 400,051 shares of the software maker’s stock valued at $42,537,000 after purchasing an additional 45,346 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Shopify Price Performance

Shares of SHOP opened at $127.65 on Friday. The stock has a market capitalization of $164.93 billion, a P/E ratio of 119.30, a P/E/G ratio of 2.49 and a beta of 2.47. Shopify has a twelve month low of $48.56 and a twelve month high of $128.00. The company has a 50 day moving average of $111.43 and a 200-day moving average of $92.02. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 11.60% and a net margin of 16.84%. As a group, equities research analysts forecast that Shopify will post 0.91 EPS for the current fiscal year.

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.