Shopify Inc. $SHOP Shares Sold by Pictet Asset Management Holding SA

Pictet Asset Management Holding SA lessened its holdings in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 0.3% during the third quarter, HoldingsChannel.com reports. The fund owned 1,734,926 shares of the software maker’s stock after selling 5,126 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Shopify were worth $257,458,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Fortitude Family Office LLC purchased a new stake in Shopify during the 3rd quarter worth $29,000. MADDEN SECURITIES Corp acquired a new stake in Shopify in the 3rd quarter valued at $30,000. Laurel Wealth Advisors LLC purchased a new position in Shopify in the third quarter valued at about $32,000. Graney & King LLC purchased a new position in Shopify in the first quarter valued at about $27,000. Finally, Trellis Wealth Advisors LLC acquired a new position in shares of Shopify during the third quarter worth about $37,000. Institutional investors and hedge funds own 69.27% of the company’s stock.

Wall Street Analyst Weigh In

SHOP has been the subject of several analyst reports. Argus reaffirmed a “buy” rating and issued a $180.00 target price on shares of Shopify in a research report on Thursday. Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a report on Friday, October 16th. DA Davidson set a $180.00 target price on Shopify and gave the company a “buy” rating in a report on Tuesday. RBC Dominion Securities set a $200.00 price target on Shopify and gave the stock an “outperform” rating in a research report on Friday, October 23rd. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 price target on shares of Shopify in a report on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, thirty-eight have issued a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, Shopify has a consensus rating of “Moderate Buy” and an average target price of $178.82.

Shopify Price Performance

Shares of SHOP stock opened at $148.91 on Friday. Shopify Inc. has a 12 month low of $94.00 and a 12 month high of $180.88. The firm has a market capitalization of $191.59 billion, a P/E ratio of 90.80, a P/E/G ratio of 3.01 and a beta of 2.65. The company’s fifty day moving average price is $152.51 and its two-hundred day moving average price is $130.07.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 3rd. The software maker reported $0.49 earnings per share for the quarter, beating analysts’ consensus estimates of $0.33 by $0.16. The company had revenue of $3.74 billion during the quarter. Shopify had a net margin of 15.01% and a return on equity of 14.03%. The business’s quarterly revenue was up 31.6% on a year-over-year basis. During the same period in the previous year, the company earned $0.34 earnings per share. On average, sell-side analysts anticipate that Shopify Inc. will post 1.47 EPS for the current year.

Trending Headlines about Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Shopify reported 32% year-over-year revenue growth to about $3.7 billion, GMV growth of 30% to $119 billion, and a 22% free-cash-flow margin. Coverage also highlighted a forecast for another quarter of 30%-plus growth as the holiday shopping season approaches. Article Article
• Positive Sentiment: Several analysts remain constructive: Morgan Stanley reiterated a buy call after the pullback, Argus reaffirmed its buy rating with a $180 target, and Wedbush and RBC issued Outperform ratings. UBS raised its target to $160, though it kept a Neutral rating. Article Article
• Positive Sentiment: Traders bought a large volume of Shopify call options, suggesting some market participants are positioning for a rebound, though options activity is not a guarantee of future performance. Article
• Negative Sentiment: One report says Shopify’s results included a slight miss, which may be overshadowing its growth and prompting investors to reassess its premium valuation. Article
• Negative Sentiment: Rosenblatt lowered its expectations for the stock, while Cantor Fitzgerald issued a pessimistic forecast, adding to near-term analyst caution. Article Article

Shopify Profile

Shopify is a commerce technology company that provides tools for businesses to create and operate online stores. Its platform supports activities such as product management, order processing, payments, shipping, marketing and customer engagement.

Shopify also offers point-of-sale tools for merchants selling in person, connecting retail operations with online sales. Its services are used by businesses of varying sizes and are available to merchants in countries around the world.

Founded in 2006, Shopify is headquartered in Ottawa, Canada.