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

Legacy Capital Group California Inc. grew its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 34.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,174 shares of the software maker’s stock after buying an additional 4,433 shares during the quarter. Shopify accounts for about 0.7% of Legacy Capital Group California Inc.’s holdings, making the stock its 24th biggest position. Legacy Capital Group California Inc.’s holdings in Shopify were worth $2,552,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in Shopify by 2.8% during the 4th quarter. Brighton Jones LLC now owns 21,176 shares of the software maker’s stock valued at $2,252,000 after purchasing an additional 584 shares during the last quarter. AQR Capital Management LLC lifted its holdings in shares of Shopify by 107.3% in the first quarter. AQR Capital Management LLC now owns 14,576 shares of the software maker’s stock valued at $1,392,000 after purchasing an additional 7,544 shares in the last quarter. Sivia Capital Partners LLC lifted its holdings in shares of Shopify by 6.6% in the second quarter. Sivia Capital Partners LLC now owns 8,190 shares of the software maker’s stock valued at $945,000 after purchasing an additional 506 shares in the last quarter. Atlantic Union Bankshares Corp purchased a new position in shares of Shopify during the second quarter valued at approximately $528,000. Finally, SouthState Corp boosted its position in shares of Shopify by 3.7% during the second quarter. SouthState Corp now owns 2,768 shares of the software maker’s stock valued at $319,000 after buying an additional 99 shares during the last quarter. Institutional investors own 69.27% of the company’s stock.

Shopify Trading Down 3.4%

SHOP stock opened at $130.20 on Friday. The stock has a market cap of $169.50 billion, a P/E ratio of 140.00, a P/E/G ratio of 4.91 and a beta of 2.83. The stock’s fifty day simple moving average is $137.30 and its two-hundred day simple moving average is $148.99. Shopify Inc. has a 1-year low of $69.84 and a 1-year high of $182.19.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Canaccord Genuity Group set a $165.00 price target on Shopify and gave the company a “buy” rating in a research report on Thursday, February 12th. Oppenheimer reaffirmed an “outperform” rating on shares of Shopify in a report on Monday, December 1st. TD Cowen upgraded shares of Shopify from a “hold” rating to a “buy” rating and set a $159.00 target price for the company in a research note on Wednesday, February 11th. Phillip Securities upgraded shares of Shopify from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 18th. Finally, BMO Capital Markets set a $160.00 price target on shares of Shopify in a research report on Thursday, February 12th. Two analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and ten have given a Hold rating to the company. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and an average target price 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.