Pictet Asset Management Holding SA Purchases 258,222 Shares of Shopify Inc. $SHOP

Pictet Asset Management Holding SA lifted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 18.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,622,681 shares of the software maker’s stock after purchasing an additional 258,222 shares during the period. Pictet Asset Management Holding SA’s holdings in Shopify were worth $192,299,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the company. Brighton Jones LLC lifted its holdings in Shopify by 2.8% in the fourth quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after acquiring an additional 584 shares during the period. AQR Capital Management LLC boosted its position in Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock worth $1,392,000 after purchasing an additional 7,544 shares during the last quarter. Sivia Capital Partners LLC grew its stake in shares of Shopify by 6.6% during the 2nd quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after purchasing an additional 506 shares during the period. Osterweis Capital Management Inc. bought a new stake in shares of Shopify during the 2nd quarter valued at about $53,000. Finally, Main Street Financial Solutions LLC increased its position in shares of Shopify by 15.3% during the 2nd quarter. Main Street Financial Solutions LLC now owns 11,131 shares of the software maker’s stock valued at $1,284,000 after purchasing an additional 1,479 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on the stock. Barclays set a $126.00 price objective on shares of Shopify and gave the stock an “equal weight” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada restated an “outperform” rating and set a $170.00 target price on shares of Shopify in a research report on Wednesday, May 6th. UBS Group reaffirmed a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Wells Fargo & Company decreased their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 6th. Finally, DA Davidson dropped their price target on shares of Shopify from $195.00 to $140.00 and set a “buy” rating on the stock in a research note on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have issued a Hold rating to the stock. Based on data from MarketBeat.com, Shopify has an average rating of “Moderate Buy” and an average price target of $157.17.

Shopify Price Performance

NASDAQ SHOP opened at $116.86 on Monday. Shopify Inc. has a 52 week low of $94.00 and a 52 week high of $182.19. The company has a market capitalization of $151.64 billion, a P/E ratio of 115.70, a price-to-earnings-growth ratio of 3.21 and a beta of 2.60. The stock’s 50-day moving average price is $112.68 and its 200-day moving average price is $128.11.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data 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. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $3.08 billion. Shopify had a return on equity of 12.07% and a net margin of 10.77%. Research analysts anticipate that Shopify Inc. will post 1.39 EPS for the current year.

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.