Legacy Capital Wealth Partners LLC Purchases Shares of 3,248 Shopify Inc. (NYSE:SHOP)

Legacy Capital Wealth Partners LLC purchased a new stake in shares of Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund purchased 3,248 shares of the software maker’s stock, valued at approximately $260,000.

A number of other large investors have also made changes to their positions in the company. Massmutual Trust Co. FSB ADV grew its stake in shares of Shopify by 7.0% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock valued at $159,000 after purchasing an additional 129 shares during the period. Rosenberg Matthew Hamilton grew its stake in shares of Shopify by 41.3% during the 3rd quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock valued at $36,000 after acquiring an additional 133 shares during the period. CVA Family Office LLC grew its stake in shares of Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock valued at $109,000 after acquiring an additional 143 shares during the period. Twin Peaks Wealth Advisors LLC lifted its holdings in Shopify by 3.5% in the 3rd quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock worth $343,000 after purchasing an additional 145 shares in the last quarter. Finally, Wolff Wiese Magana LLC lifted its holdings in Shopify by 5.4% in the 3rd quarter. Wolff Wiese Magana LLC now owns 2,974 shares of the software maker’s stock worth $238,000 after purchasing an additional 152 shares in the last quarter. 69.27% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on SHOP. Royal Bank of Canada boosted their price target on Shopify from $85.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Piper Sandler reissued a “neutral” rating and issued a $67.00 price target on shares of Shopify in a report on Thursday, August 29th. Wolfe Research began coverage on Shopify in a report on Tuesday, July 16th. They set an “outperform” rating and a $80.00 price objective on the stock. Bank of America raised Shopify from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $78.00 to $82.00 in a report on Tuesday, July 16th. Finally, Evercore ISI upped their price objective on Shopify from $75.00 to $80.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. One equities research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.03.

Shopify Trading Up 3.3 %

Shares of NYSE:SHOP opened at $89.99 on Tuesday. Shopify Inc. has a 52-week low of $48.56 and a 52-week high of $92.16. The stock has a market cap of $116.12 billion, a price-to-earnings ratio of 91.83, a PEG ratio of 2.91 and a beta of 2.36. The company has a quick ratio of 7.32, a current ratio of 7.32 and a debt-to-equity ratio of 0.10. The business has a 50-day moving average price of $78.41 and a 200-day moving average price of $69.79.

Shopify Profile

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.