Pictet Asset Management Holding SA Grows Stock Holdings in Shopify Inc. $SHOP

Pictet Asset Management Holding SA lifted its stake in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.9% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,622,681 shares of the software maker’s stock after purchasing an additional 258,222 shares during the quarter. Pictet Asset Management Holding SA owned about 0.12% of Shopify worth $192,299,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Vanguard Group Inc. raised its position in shares of Shopify by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 50,670,627 shares of the software maker’s stock worth $8,158,643,000 after purchasing an additional 743,803 shares during the last quarter. Norges Bank purchased a new stake in Shopify during the 4th quarter valued at about $2,611,797,000. Invesco Ltd. grew its position in Shopify by 9.8% during the 4th quarter. Invesco Ltd. now owns 14,026,193 shares of the software maker’s stock valued at $2,257,796,000 after purchasing an additional 1,252,074 shares during the last quarter. Geode Capital Management LLC increased its stake in Shopify by 6.2% during the 4th quarter. Geode Capital Management LLC now owns 12,601,476 shares of the software maker’s stock valued at $2,043,365,000 after purchasing an additional 737,892 shares in the last quarter. Finally, Mackenzie Financial Corp increased its stake in Shopify by 9.1% during the 4th quarter. Mackenzie Financial Corp now owns 9,961,097 shares of the software maker’s stock valued at $1,627,352,000 after purchasing an additional 827,643 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Stock Performance

SHOP opened at $116.86 on Monday. The stock has a market capitalization of $151.64 billion, a P/E ratio of 115.70, a P/E/G ratio of 3.21 and a beta of 2.60. The company’s 50-day simple moving average is $112.68 and its two-hundred day simple moving average is $128.11. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, May 5th. The software maker reported $999.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $998.78. Shopify had a net margin of 10.77% and a return on equity of 12.07%. The firm had revenue of $3.17 billion for the quarter, compared to the consensus estimate of $3.08 billion. Research analysts forecast that Shopify Inc. will post 1.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a report on Tuesday, May 5th. DA Davidson reduced their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Royal Bank Of Canada restated an “outperform” rating and issued a $170.00 price objective on shares of Shopify in a report on Wednesday, May 6th. BMO Capital Markets lowered their price objective on Shopify from $160.00 to $145.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 6th. Finally, Jefferies Financial Group reiterated a “hold” rating and set a $140.00 target price (down from $150.00) on shares of Shopify in a research note on Tuesday, May 5th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $157.17.

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.