Shopify Inc. (NASDAQ:SHOP) Short Interest Update

Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) was the recipient of a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 8,607,150 shares, a decline of 27.0% from the January 15th total of 11,795,858 shares. Currently, 0.7% of the shares of the company are short sold. Based on an average daily volume of 10,399,752 shares, the short-interest ratio is presently 0.8 days. Based on an average daily volume of 10,399,752 shares, the short-interest ratio is presently 0.8 days. Currently, 0.7% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on the company. DZ Bank raised Shopify from a “strong sell” rating to a “hold” rating in a report on Thursday, November 6th. Wolfe Research raised shares of Shopify from a “hold” rating to an “outperform” rating in a report on Tuesday, January 6th. BMO Capital Markets set a $160.00 price target on Shopify in a research note on Thursday. Scotiabank raised shares of Shopify from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $165.00 to $200.00 in a research note on Thursday, January 8th. Finally, JPMorgan Chase & Co. upped their price target on shares of Shopify from $179.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, November 5th. Thirty-one analysts have rated the stock with a Buy rating and thirteen have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $161.97.

Shopify Price Performance

Shares of Shopify stock traded up $2.04 during midday trading on Monday, reaching $112.70. The company had a trading volume of 18,841,498 shares, compared to its average volume of 16,939,636. The stock has a fifty day moving average price of $150.31 and a 200 day moving average price of $151.01. Shopify has a fifty-two week low of $69.84 and a fifty-two week high of $182.19. The firm has a market cap of $146.72 billion, a PE ratio of 121.18, a P/E/G ratio of 3.96 and a beta of 2.83.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in Shopify by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after acquiring an additional 743,803 shares during the period. Jennison Associates LLC boosted its position in shares of Shopify by 64.3% during the 3rd quarter. Jennison Associates LLC now owns 18,923,431 shares of the software maker’s stock valued at $2,812,211,000 after purchasing an additional 7,403,821 shares in the last quarter. Norges Bank acquired a new stake in Shopify during the fourth quarter worth approximately $2,611,797,000. Loomis Sayles & Co. L P grew its stake in Shopify by 1.3% during the second quarter. Loomis Sayles & Co. L P now owns 14,622,787 shares of the software maker’s stock worth $1,686,738,000 after purchasing an additional 191,824 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Shopify by 6.2% in the fourth quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock worth $2,043,365,000 after purchasing an additional 737,892 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.