Pictet Asset Management Holding SA Increases Stake in Shopify Inc. (NYSE:SHOP)

Pictet Asset Management Holding SA lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 2.7% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,170,866 shares of the software maker's stock after purchasing an additional 56,296 shares during the period. Pictet Asset Management Holding SA owned about 0.17% of Shopify worth $230,852,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in SHOP. Tidemark LLC boosted its position in Shopify by 3.6% during the fourth quarter. Tidemark LLC now owns 2,592 shares of the software maker's stock worth $276,000 after purchasing an additional 90 shares during the period. Howland Capital Management LLC grew its position in shares of Shopify by 2.0% during the 4th quarter. Howland Capital Management LLC now owns 4,949 shares of the software maker's stock valued at $526,000 after purchasing an additional 99 shares in the last quarter. Trust Co. of Vermont increased its holdings in shares of Shopify by 9.9% in the fourth quarter. Trust Co. of Vermont now owns 1,114 shares of the software maker's stock worth $118,000 after purchasing an additional 100 shares during the period. First United Bank & Trust raised its position in shares of Shopify by 2.2% in the fourth quarter. First United Bank & Trust now owns 4,590 shares of the software maker's stock worth $488,000 after buying an additional 100 shares in the last quarter. Finally, Mark Sheptoff Financial Planning LLC boosted its stake in Shopify by 50.0% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 300 shares of the software maker's stock valued at $32,000 after buying an additional 100 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

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Wall Street Analyst Weigh In

SHOP has been the subject of several recent analyst reports. Robert W. Baird boosted their price objective on Shopify from $126.00 to $135.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Oppenheimer increased their price target on shares of Shopify from $130.00 to $150.00 and gave the stock an "outperform" rating in a report on Wednesday, February 12th. Jefferies Financial Group lifted their price objective on shares of Shopify from $110.00 to $130.00 and gave the stock a "hold" rating in a report on Tuesday, February 18th. JPMorgan Chase & Co. increased their target price on Shopify from $121.00 to $124.00 and gave the company an "overweight" rating in a research note on Wednesday, February 12th. Finally, Truist Financial lifted their price target on Shopify from $110.00 to $120.00 and gave the stock a "hold" rating in a research note on Wednesday, February 12th. One equities research analyst has rated the stock with a sell rating, fifteen have given a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of "Moderate Buy" and a consensus price target of $126.31.

Shopify Price Performance

Shares of SHOP traded down $6.01 during trading hours on Friday, hitting $96.51. The stock had a trading volume of 13,198,615 shares, compared to its average volume of 8,764,471. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $129.38. The stock has a fifty day moving average price of $110.21 and a 200 day moving average price of $100.78. The firm has a market capitalization of $124.96 billion, a PE ratio of 62.27, a PEG ratio of 4.82 and a beta of 2.60.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, analysts anticipate that Shopify Inc. will post 1.12 EPS for the current fiscal year.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.