Arthur M. Cohen & Associates LLC Sells 577 Shares of Shopify Inc. (NYSE:SHOP)

Arthur M. Cohen & Associates LLC reduced its holdings in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 44,520 shares of the software maker’s stock after selling 577 shares during the quarter. Shopify makes up about 0.6% of Arthur M. Cohen & Associates LLC’s portfolio, making the stock its 27th biggest holding. Arthur M. Cohen & Associates LLC’s holdings in Shopify were worth $3,493,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Silvercrest Asset Management Group LLC lifted its holdings in Shopify by 735.0% during the 1st quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock worth $4,084,000 after purchasing an additional 46,589 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Shopify by 3.8% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock worth $15,079,000 after purchasing an additional 7,009 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in Shopify by 5.8% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock worth $40,838,000 after purchasing an additional 28,639 shares during the last quarter. Clearbridge Investments LLC lifted its holdings in Shopify by 54.2% during the 2nd quarter. Clearbridge Investments LLC now owns 4,714,691 shares of the software maker’s stock worth $311,404,000 after purchasing an additional 1,657,251 shares during the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after purchasing an additional 713,064 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

SHOP has been the subject of several analyst reports. Truist Financial dropped their price objective on Shopify from $65.00 to $55.00 and set a “hold” rating for the company in a report on Tuesday, August 6th. Morgan Stanley lifted their price objective on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Roth Mkm lifted their price objective on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a report on Thursday, August 8th. KeyCorp initiated coverage on Shopify in a report on Thursday, July 25th. They issued an “overweight” rating and a $80.00 price objective for the company. Finally, Wedbush reaffirmed a “neutral” rating and issued a $72.00 price objective (up from $68.00) on shares of Shopify in a report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, sixteen have assigned a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $81.03.

Shopify Trading Up 0.5 %

NYSE SHOP opened at $78.85 on Tuesday. The business’s 50-day moving average price is $77.61 and its two-hundred day moving average price is $69.45. Shopify Inc. has a 12 month low of $48.56 and a 12 month high of $91.57. The firm has a market capitalization of $101.75 billion, a PE ratio of 80.04, a price-to-earnings-growth ratio of 2.64 and a beta of 2.36. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.06. The firm had revenue of $2.05 billion for the quarter, compared to analyst estimates of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The business’s revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.08) EPS. On average, analysts expect that Shopify Inc. will post 0.76 EPS for the current year.

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.