Shopify Inc. $SHOP is Picton Mahoney Asset Management’s 3rd Largest Position

Picton Mahoney Asset Management trimmed its stake in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 1.6% in the 3rd quarter, HoldingsChannel reports. The firm owned 1,731,048 shares of the software maker’s stock after selling 28,669 shares during the period. Shopify makes up 2.3% of Picton Mahoney Asset Management’s investment portfolio, making the stock its 3rd biggest position. Picton Mahoney Asset Management’s holdings in Shopify were worth $257,122,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of SHOP. Financial Gravity Companies Inc. acquired a new position in shares of Shopify during the second quarter worth about $27,000. Rothschild Investment LLC raised its holdings in Shopify by 47.5% in the second quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock valued at $27,000 after acquiring an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC purchased a new position in Shopify in the third quarter worth approximately $27,000. Estabrook Capital Management purchased a new position in Shopify in the second quarter worth approximately $29,000. Finally, Access Investment Management LLC acquired a new position in Shopify during the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

NASDAQ SHOP opened at $121.87 on Wednesday. The company has a fifty day moving average of $139.60 and a two-hundred day moving average of $149.32. The company has a market capitalization of $158.66 billion, a PE ratio of 131.04, a P/E/G ratio of 4.35 and a beta of 2.83. Shopify Inc. has a 1 year low of $69.84 and a 1 year high of $182.19.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Zacks Research lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 12th. Benchmark dropped their target price on Shopify from $195.00 to $145.00 and set a “buy” rating on the stock in a report on Tuesday, February 10th. Phillip Securities upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 18th. BMO Capital Markets set a $160.00 price target on Shopify in a report on Thursday, February 12th. Finally, Stifel Nicolaus set a $115.00 price objective on Shopify and gave the stock a “hold” rating in a research report on Wednesday, February 11th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $162.64.

Shopify 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.