Cathie Wood Dumps Shopify and Coinbase, Bets Bigger on PagerDuty

This article first appeared on GuruFocus.

Aug 25 -Cathie Wood’s ARK Invest funds shifted positions across several names last week, trimming holdings in well-known growth stocks while adding exposure to a smaller enterprise software player.

According to daily trade disclosures dated August 22, the ARK Next Generation Internet ETF (ARKW) sold 8,476 shares of Shopify (NASDAQ:SHOP), worth about $1.16 million. The move followed another sale a day earlier, when the fund offloaded 11,711 shares valued near $1.61 million, signaling continued caution on the Canadian e-commerce platform.

ARKW also pared back its stake in Coinbase (NASDAQ:COIN), selling 3,769 shares worth roughly $1.13 million. Coinbase has long been a centerpiece of ARK’s crypto exposure, but price swings in digital assets appear to be influencing its weight in the portfolio.

Meanwhile, the ARK Innovation ETF (ARKK) added 10,150 shares of PagerDuty (NYSE:PD), a purchase valued at around $160,000. ARK has steadily increased its position in PagerDuty this year despite the stock falling 8.4% year-to-date, pointing to confidence in the company’s role in digital operations management.

On a smaller scale, ARKK also sold 959 shares of Guardant Health (NASDAQ:GH), worth about $59,000.