Cobblestone Capital Advisors LLC NY Decreases Stock Holdings in Shopify Inc. $SHOP

Cobblestone Capital Advisors LLC NY trimmed its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 15.2% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 38,406 shares of the software maker’s stock after selling 6,879 shares during the quarter. Cobblestone Capital Advisors LLC NY’s holdings in Shopify were worth $4,430,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify during the second quarter valued at approximately $25,000. Tradewinds Capital Management LLC increased its position in shares of Shopify by 71.4% during the second quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock valued at $28,000 after acquiring an additional 100 shares during the last quarter. Coastline Trust Co purchased a new stake in shares of Shopify during the second quarter valued at approximately $29,000. Global Wealth Strategies & Associates increased its position in shares of Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker’s stock valued at $30,000 after acquiring an additional 170 shares during the last quarter. Finally, Smithfield Trust Co grew its holdings 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 period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Stock Up 3.5%

Shares of NASDAQ SHOP opened at $172.95 on Monday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $174.74. The business has a 50-day simple moving average of $149.93 and a two-hundred day simple moving average of $124.40. The company has a market cap of $224.78 billion, a P/E ratio of 96.62, a P/E/G ratio of 8.10 and a beta of 2.72.

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

Analyst Upgrades and Downgrades

SHOP has been the subject of several research reports. JMP Securities increased their price objective on Shopify from $135.00 to $185.00 and gave the company a “market outperform” rating in a report on Thursday, August 7th. Robert W. Baird increased their price objective on Shopify from $160.00 to $170.00 and gave the company an “outperform” rating in a report on Tuesday, October 7th. DA Davidson increased their price objective on Shopify from $125.00 to $185.00 and gave the company a “buy” rating in a report on Thursday, August 7th. JPMorgan Chase & Co. increased their price objective on Shopify from $115.00 to $179.00 and gave the company an “overweight” rating in a report on Thursday, August 7th. Finally, National Bankshares increased their price objective on Shopify from $180.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, twenty-two have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Shopify presently has an average rating of “Moderate Buy” and an average target price of $153.30.

Shopify Company 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.