Chartwell Investment Partners LLC Makes New $1.83 Million Investment in Shopify Inc. (NYSE:SHOP)

Chartwell Investment Partners LLC acquired a new position in Shopify Inc. (NYSE:SHOP) (TSE:SHOP) in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 22,795 shares of the software maker’s stock, valued at approximately $1,827,000.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC increased its holdings in Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock worth $981,000 after purchasing an additional 1,694 shares during the period. Bleakley Financial Group LLC increased its stake in shares of Shopify by 51.4% in the 1st quarter. Bleakley Financial Group LLC now owns 16,315 shares of the software maker’s stock valued at $1,259,000 after purchasing an additional 5,537 shares in the last quarter. TBH Global Asset Management LLC increased its stake in Shopify by 43.0% during the 1st quarter. TBH Global Asset Management LLC now owns 5,649 shares of the software maker’s stock worth $436,000 after buying an additional 1,700 shares in the last quarter. Kingsview Wealth Management LLC boosted its holdings in shares of Shopify by 1.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock worth $2,035,000 after purchasing an additional 365 shares during the last quarter. Finally, Midwest Professional Planners LTD. boosted its holdings in shares of Shopify by 31.7% during the 1st quarter. Midwest Professional Planners LTD. now owns 4,842 shares of the software maker’s stock worth $374,000 after purchasing an additional 1,166 shares during the last quarter. 69.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on SHOP. Robert W. Baird upped their price target on Shopify from $79.00 to $90.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 9th. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Wells Fargo & Company increased their target price on shares of Shopify from $80.00 to $90.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 11th. Citigroup raised their price objective on shares of Shopify from $90.00 to $103.00 and gave the company a “buy” rating in a research report on Monday, September 30th. Finally, Loop Capital raised their price objective on shares of Shopify from $80.00 to $90.00 and gave the company a “hold” rating in a research report on Wednesday, October 9th. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Shopify currently has a consensus rating of “Moderate Buy” and an average price target of $82.19.

Shopify Price Performance

SHOP opened at $108.24 on Wednesday. The company has a 50-day moving average of $78.73 and a 200-day moving average of $69.92. The company has a market capitalization of $139.67 billion, a P/E ratio of 110.45, a PEG ratio of 2.91 and a beta of 2.36. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $114.51. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

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.