Cookson Peirce & Co. Inc. Acquires New Shares in Shopify Inc. (NYSE:SHOP)

Key Points

• Cookson Peirce & Co. Inc. has acquired 245,248 shares of Shopify Inc. for approximately $23.4 million as reported in their latest SEC filing.
• Shopify's recent quarterly earnings surpassed expectations with a reported $0.35 EPS and revenue of $2.68 billion, reflecting a 31.1% year-over-year increase.
• Several institutional investors, including Smithfield Trust Co. and Cary Street Partners, have recently increased their stakes in Shopify, indicating a growing confidence in the company.

Cookson Peirce & Co. Inc. acquired a new stake in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 245,248 shares of the software maker's stock, valued at approximately $23,416,000.

Other institutional investors have also recently bought and sold shares of the company. Fourth Dimension Wealth LLC acquired a new stake in Shopify during the fourth quarter valued at $30,000. Smithfield Trust Co boosted its position in Shopify by 149.2% during the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after purchasing an additional 188 shares during the last quarter. Dagco Inc. acquired a new stake in Shopify during the first quarter valued at $30,000. Cary Street Partners Investment Advisory LLC boosted its position in Shopify by 86.8% during the first quarter. Cary Street Partners Investment Advisory LLC now owns 355 shares of the software maker's stock valued at $34,000 after purchasing an additional 165 shares during the last quarter. Finally, Strategic Investment Solutions Inc. IL acquired a new stake in Shopify during the fourth quarter valued at $46,000. Institutional investors and hedge funds own 69.27% of the company's stock.

Shopify Price Performance

NYSE SHOP opened at $150.09 on Thursday. The firm has a market cap of $194.72 billion, a PE ratio of 96.83, a price-to-earnings-growth ratio of 4.82 and a beta of 2.63. Shopify Inc. has a one year low of $65.86 and a one year high of $156.85. The stock's 50 day simple moving average is $120.13 and its 200 day simple moving average is $108.72.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last released its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion for the quarter, compared to analyst estimates of $2.55 billion. Shopify had a return on equity of 12.00% and a net margin of 22.74%. Shopify's revenue for the quarter was up 31.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.26 EPS. As a group, equities analysts expect that Shopify Inc. will post 1.12 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on SHOP. Arete Research raised Shopify to a "hold" rating in a research report on Wednesday, July 23rd. Wedbush boosted their price target on Shopify from $115.00 to $160.00 and gave the stock an "outperform" rating in a research report on Thursday, August 7th. JMP Securities set a $185.00 price target on Shopify and gave the stock a "market outperform" rating in a research report on Thursday, August 7th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $91.00 price target on shares of Shopify in a research report on Wednesday, June 11th. Finally, Loop Capital cut Shopify from a "buy" rating to a "hold" rating and set a $120.00 price target for the company. in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, eighteen have given a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $148.51.

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.

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