Cornerstone Wealth Group LLC Sells 565 Shares of Shopify Inc. $SHOP

Cornerstone Wealth Group LLC reduced its position in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 13.8% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 3,516 shares of the software maker’s stock after selling 565 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in Shopify were worth $406,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in shares of Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock worth $2,252,000 after buying an additional 584 shares during the period. GAMMA Investing LLC grew its position in shares of Shopify by 80.0% during the 1st quarter. GAMMA Investing LLC now owns 963 shares of the software maker’s stock worth $92,000 after buying an additional 428 shares during the period. CX Institutional acquired a new position in shares of Shopify during the 1st quarter worth about $118,000. Elevation Point Wealth Partners LLC grew its position in shares of Shopify by 8.8% during the 1st quarter. Elevation Point Wealth Partners LLC now owns 2,942 shares of the software maker’s stock worth $281,000 after buying an additional 239 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in shares of Shopify by 0.5% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 154,273 shares of the software maker’s stock worth $14,730,000 after buying an additional 799 shares during the period. 69.27% of the stock is owned by institutional investors.

Shopify Stock Down 0.5%

NASDAQ:SHOP opened at $152.88 on Wednesday. Shopify Inc. has a twelve month low of $69.84 and a twelve month high of $169.69. The company has a market cap of $198.69 billion, a P/E ratio of 85.41, a price-to-earnings-growth ratio of 7.19 and a beta of 2.72. The business has a 50 day moving average price of $147.70 and a two-hundred day moving average price of $119.91.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.29 by $0.06. Shopify had a return on equity of 12.30% and a net margin of 23.42%.The company had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the prior year, the business posted $0.26 EPS. The business’s revenue was up 31.1% compared to the same quarter last year. As a group, analysts anticipate that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on SHOP. Weiss Ratings restated a “hold (c)” rating on shares of Shopify in a research report on Wednesday, October 8th. Oppenheimer reiterated an “outperform” rating and issued a $149.00 price objective on shares of Shopify in a research report on Tuesday, September 30th. Needham & Company LLC assumed coverage on Shopify in a research report on Monday, July 14th. They issued a “buy” rating and a $135.00 price objective for the company. Bank of America boosted their price objective on Shopify from $110.00 to $185.00 and gave the company a “buy” rating in a research report on Thursday, August 7th. Finally, CIBC boosted their price objective on Shopify from $145.00 to $185.00 and gave the company an “outperform” rating in a research report on Thursday, August 7th. Twenty-two analysts have rated the stock with a Buy rating, twenty-three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $151.95.

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.