Cookson Peirce & Co. Inc. Sells 237,862 Shares of Shopify Inc. $SHOP

Key Points

• Cookson Peirce & Co. Inc. significantly reduced its stake in Shopify Inc. by 97%, selling 237,862 shares and retaining only 7,386 shares worth approximately $852,000.
• Several large investors, including Hummer Financial Advisory Services and Salem Investment Counselors, have increased their holdings in Shopify, demonstrating ongoing interest from institutional investors, who currently own 69.27% of the stock.
• Shopify's stock has seen a general uptick in analyst ratings, with recent price targets ranging from $150.00 to $185.00, reflecting a consensus rating of "Moderate Buy."

Cookson Peirce & Co. Inc. trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 97.0% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 7,386 shares of the software maker's stock after selling 237,862 shares during the period. Cookson Peirce & Co. Inc.'s holdings in Shopify were worth $852,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the company. Hummer Financial Advisory Services Inc raised its position in Shopify by 3.8% in the 2nd quarter. Hummer Financial Advisory Services Inc now owns 2,595 shares of the software maker's stock valued at $299,000 after buying an additional 95 shares during the last quarter. Salem Investment Counselors Inc. increased its position in shares of Shopify by 16.7% during the 2nd quarter. Salem Investment Counselors Inc. now owns 700 shares of the software maker's stock valued at $81,000 after purchasing an additional 100 shares during the last quarter. Moseley Investment Management Inc. increased its position in shares of Shopify by 2.8% during the 2nd quarter. Moseley Investment Management Inc. now owns 3,674 shares of the software maker's stock valued at $424,000 after purchasing an additional 100 shares during the last quarter. Tradewinds Capital Management LLC increased its position in shares of Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker's stock valued at $28,000 after purchasing an additional 100 shares during the last quarter. Finally, Quadcap Wealth Management LLC increased its position in shares of Shopify by 0.9% during the 1st quarter. Quadcap Wealth Management LLC now owns 11,133 shares of the software maker's stock valued at $1,063,000 after purchasing an additional 103 shares during the last quarter. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

SHOP has been the subject of several research reports. JMP Securities increased their price target on Shopify from $135.00 to $185.00 and gave the stock a "market outperform" rating in a research note on Thursday, August 7th. TD Cowen reiterated a "hold" rating and set a $156.00 price target on shares of Shopify in a research note on Friday, October 3rd. Scotiabank reiterated a "sector perform" rating and set a $150.00 price target (up previously from $115.00) on shares of Shopify in a research note on Thursday, August 7th. Robert W. Baird increased their price target on Shopify from $160.00 to $170.00 and gave the stock an "outperform" rating in a research note on Tuesday, October 7th. Finally, Bank of America increased their price target on Shopify from $110.00 to $185.00 and gave the stock a "buy" rating in a research note on Thursday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, twenty-two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $152.76.

Shopify Stock Down 0.4%

Shares of NASDAQ SHOP opened at $162.01 on Thursday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $169.69. The business has a 50-day simple moving average of $148.84 and a two-hundred day simple moving average of $122.57. The company has a market cap of $210.56 billion, a P/E ratio of 90.51, a P/E/G ratio of 7.61 and a beta of 2.72.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The firm had revenue of $2.68 billion during the quarter, compared to the consensus estimate of $2.55 billion. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company's revenue for the quarter was up 31.1% on a year-over-year basis. During the same quarter last year, the company posted $0.26 EPS. Equities research analysts anticipate that Shopify Inc. will post 1.12 EPS for the current 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.

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