Arthur M. Cohen & Associates LLC Has $3.49 Million Stock Holdings in Shopify Inc. (NYSE:SHOP)

Arthur M. Cohen & Associates LLC trimmed its holdings in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 1.3% during the third quarter, Holdings Channel reports. The firm owned 44,520 shares of the software maker’s stock after selling 577 shares during the quarter. Shopify comprises about 0.6% of Arthur M. Cohen & Associates LLC’s holdings, making the stock its 27th largest position. Arthur M. Cohen & Associates LLC’s holdings in Shopify were worth $3,493,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Silvercrest Asset Management Group LLC raised its stake 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 buying an additional 46,589 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake 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 buying an additional 7,009 shares during the period. DekaBank Deutsche Girozentrale raised its stake 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 buying an additional 28,639 shares during the period. Clearbridge Investments LLC raised its stake 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 buying an additional 1,657,251 shares during the period. Finally, Vanguard Group Inc. raised its stake 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 buying an additional 713,064 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

Shopify Trading Up 0.5 %

Shares of SHOP stock opened at $78.85 on Tuesday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $91.57. The company 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 business’s fifty day moving average is $77.61 and its 200 day moving average is $69.45.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its quarterly earnings data on Wednesday, August 7th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.06. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company had revenue of $2.05 billion for the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter last year, the business posted ($0.08) earnings per share. The firm’s revenue was up 20.7% compared to the same quarter last year. On average, equities research analysts anticipate that Shopify Inc. will post 0.76 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SHOP. JPMorgan Chase & Co. upped their price target on Shopify from $74.00 to $76.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 20th. Truist Financial dropped their price target on Shopify from $65.00 to $55.00 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Scotiabank increased their price objective on Shopify from $75.00 to $80.00 and gave the stock a “sector perform” rating in a research note on Thursday, October 24th. Royal Bank of Canada increased their price objective on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Finally, JMP Securities reaffirmed a “market outperform” rating and issued a $80.00 target price on shares of Shopify in a report on Tuesday, September 10th. One equities 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 MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $81.03.

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.