Cobblestone Capital Advisors LLC NY Reduces Holdings in Shopify Inc. (NYSE:SHOP)

Cobblestone Capital Advisors LLC NY lessened its position in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) by 69.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 70,428 shares of the software maker’s stock after selling 163,920 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Shopify were worth $7,489,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in SHOP. Brooklyn Investment Group purchased a new stake in Shopify during the 3rd quarter valued at about $33,000. Rosenberg Matthew Hamilton raised its stake in shares of Shopify by 41.3% in the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after purchasing an additional 133 shares during the last quarter. New Wave Wealth Advisors LLC purchased a new position in shares of Shopify in the fourth quarter worth $39,000. Mather Group LLC. increased its position in Shopify by 84.8% during the fourth quarter. Mather Group LLC. now owns 401 shares of the software maker’s stock valued at $43,000 after acquiring an additional 184 shares during the last quarter. Finally, Truvestments Capital LLC purchased a new stake in Shopify during the third quarter valued at $45,000. 69.27% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on SHOP. Royal Bank of Canada boosted their price target on Shopify from $130.00 to $145.00 and gave the company an “outperform” rating in a report on Wednesday, February 12th. Canaccord Genuity Group boosted their target price on Shopify from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, February 12th. JMP Securities restated a “market outperform” rating and set a $120.00 price objective on shares of Shopify in a research report on Thursday, December 12th. Moffett Nathanson upped their price objective on Shopify from $86.00 to $99.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, DA Davidson increased their price target on Shopify from $130.00 to $150.00 and gave the stock a “buy” rating in a report on Wednesday, February 12th. One analyst has rated the stock with a sell rating, fifteen have issued a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $126.31.

Shopify Stock Performance

NYSE SHOP opened at $111.97 on Friday. The stock has a 50-day simple moving average of $112.88 and a two-hundred day simple moving average of $96.75. The firm has a market capitalization of $144.98 billion, a P/E ratio of 72.24, a PEG ratio of 4.82 and a beta of 2.47. Shopify Inc. has a fifty-two week low of $48.56 and a fifty-two week high of $129.38.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 11th. The software maker reported $0.34 earnings per share for the quarter, missing the consensus estimate of $0.44 by ($0.10). Shopify had a return on equity of 12.00% and a net margin of 22.74%. As a group, analysts forecast that Shopify Inc. will post 1.12 earnings per share 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.