Picton Mahoney Asset Management Takes Position in Shopify Inc. (NYSE:SHOP)

Picton Mahoney Asset Management purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) during the 1st quarter, HoldingsChannel.com reports. The institutional investor purchased 714 shares of the software maker’s stock, valued at approximately $68,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SHOP. Capital World Investors lifted its position in Shopify by 0.9% in the fourth quarter. Capital World Investors now owns 53,102,707 shares of the software maker’s stock valued at $5,646,455,000 after buying an additional 496,982 shares during the last quarter. FMR LLC lifted its position in Shopify by 3.4% in the fourth quarter. FMR LLC now owns 43,732,077 shares of the software maker’s stock valued at $4,653,054,000 after buying an additional 1,426,000 shares during the last quarter. Capital International Investors lifted its position in Shopify by 2.7% in the fourth quarter. Capital International Investors now owns 36,516,305 shares of the software maker’s stock valued at $3,883,039,000 after buying an additional 968,026 shares during the last quarter. FIL Ltd lifted its position in Shopify by 11.9% in the fourth quarter. FIL Ltd now owns 15,774,148 shares of the software maker’s stock valued at $1,678,865,000 after buying an additional 1,682,326 shares during the last quarter. Finally, Mackenzie Financial Corp lifted its position in Shopify by 19.7% in the first quarter. Mackenzie Financial Corp now owns 8,648,734 shares of the software maker’s stock valued at $822,745,000 after buying an additional 1,426,406 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

Shopify Price Performance

NYSE:SHOP opened at $122.21 on Friday. The firm’s fifty day moving average price is $113.56 and its 200 day moving average price is $106.44. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $129.38. The firm has a market cap of $158.55 billion, a price-to-earnings ratio of 78.85, a price-to-earnings-growth ratio of 4.82 and a beta of 2.61.

Analyst Ratings Changes

SHOP has been the topic of a number of recent analyst reports. Jefferies Financial Group decreased their target price on shares of Shopify from $130.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, May 5th. Wells Fargo & Company upped their target price on shares of Shopify from $107.00 to $125.00 and gave the company an “overweight” rating in a research report on Friday, June 6th. Mizuho decreased their target price on shares of Shopify from $110.00 to $85.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. BNP Paribas Exane cut shares of Shopify from an “outperform” rating to a “neutral” rating and set a $100.00 price target on the stock. in a research report on Monday, May 5th. Finally, CIBC increased their price target on shares of Shopify from $125.00 to $145.00 and gave the stock an “outperformer” rating in a research report on Friday, July 18th. One investment analyst has rated the stock with a sell rating, eighteen have assigned a hold rating, twenty-two have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $120.34.

Shopify Profile

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.