Legacy Capital Group California Inc. Purchases 4,433 Shares of Shopify Inc. $SHOP

Legacy Capital Group California Inc. boosted its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 34.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,174 shares of the software maker’s stock after buying an additional 4,433 shares during the period. Shopify makes up 0.7% of Legacy Capital Group California Inc.’s holdings, making the stock its 24th biggest holding. Legacy Capital Group California Inc.’s holdings in Shopify were worth $2,552,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of SHOP. Neuberger Berman Group LLC grew its holdings in Shopify by 128.5% during the 3rd quarter. Neuberger Berman Group LLC now owns 750,154 shares of the software maker’s stock worth $111,478,000 after acquiring an additional 421,799 shares during the period. Left Brain Wealth Management LLC boosted its position in shares of Shopify by 19.5% during the 3rd quarter. Left Brain Wealth Management LLC now owns 10,331 shares of the software maker’s stock valued at $1,535,000 after purchasing an additional 1,688 shares in the last quarter. Sunpointe LLC bought a new stake in shares of Shopify during the 3rd quarter valued at about $223,000. Aptus Capital Advisors LLC grew its stake in Shopify by 9.9% during the third quarter. Aptus Capital Advisors LLC now owns 12,328 shares of the software maker’s stock worth $1,832,000 after purchasing an additional 1,115 shares during the period. Finally, Consolidated Portfolio Review Corp increased its holdings in Shopify by 15.8% in the third quarter. Consolidated Portfolio Review Corp now owns 2,612 shares of the software maker’s stock worth $388,000 after purchasing an additional 357 shares in the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Stock Down 3.4%

NASDAQ SHOP opened at $130.20 on Friday. Shopify Inc. has a 52 week low of $69.84 and a 52 week high of $182.19. The business has a 50 day moving average price of $137.30 and a 200-day moving average price of $148.99. The company has a market cap of $169.50 billion, a price-to-earnings ratio of 140.00, a P/E/G ratio of 4.91 and a beta of 2.83.

Analysts Set New Price Targets

SHOP has been the topic of several recent analyst reports. Evercore set a $135.00 price target on Shopify in a research note on Wednesday, February 11th. Zacks Research lowered shares of Shopify from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, November 12th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 18th. BMO Capital Markets set a $160.00 target price on shares of Shopify in a research note on Thursday, February 12th. Finally, Needham & Company LLC restated a “buy” rating and issued a $180.00 price target on shares of Shopify in a report on Thursday, February 12th. Two equities research analysts have rated the stock with a Strong Buy rating, thirty-one have assigned a Buy rating and ten have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $162.64.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.