Hartline Investment Corp Buys 23,784 Shares of Shopify Inc. $SHOP

Hartline Investment Corp grew its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 72.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 56,485 shares of the software maker’s stock after purchasing an additional 23,784 shares during the quarter. Shopify makes up approximately 0.7% of Hartline Investment Corp’s portfolio, making the stock its 26th largest holding. Hartline Investment Corp’s holdings in Shopify were worth $6,700,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Horst & Graben Wealth Management LLC boosted its holdings in shares of Shopify by 42.8% during the 1st quarter. Horst & Graben Wealth Management LLC now owns 7,570 shares of the software maker’s stock worth $940,000 after buying an additional 2,268 shares during the period. Hoey Investments Inc. grew its stake in Shopify by 52.1% in the 1st quarter. Hoey Investments Inc. now owns 639 shares of the software maker’s stock valued at $76,000 after buying an additional 219 shares during the last quarter. R Squared Ltd raised its holdings in Shopify by 110.7% in the 1st quarter. R Squared Ltd now owns 2,962 shares of the software maker’s stock worth $351,000 after acquiring an additional 1,556 shares during the period. Resonant Capital Advisors LLC raised its holdings in Shopify by 7.5% in the 1st quarter. Resonant Capital Advisors LLC now owns 3,748 shares of the software maker’s stock worth $445,000 after acquiring an additional 263 shares during the period. Finally, Clare Market Investments LLC acquired a new position in Shopify during the 1st quarter worth $1,343,000. 69.27% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SHOP has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a “hold” rating and issued a $140.00 price target (down from $150.00) on shares of Shopify in a research report on Tuesday, May 5th. Citizens Jmp cut their price objective on Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research report on Wednesday, May 6th. Canaccord Genuity Group decreased their target price on Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research note on Wednesday, May 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Finally, Citigroup reaffirmed a “market outperform” rating on shares of Shopify in a research report on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, thirty-one have given a Buy rating and ten have assigned a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $156.06.

Shopify Trading Up 1.4%

Shares of NASDAQ:SHOP opened at $121.88 on Wednesday. The firm has a market capitalization of $158.16 billion, a PE ratio of 120.67, a PEG ratio of 3.30 and a beta of 2.58. Shopify Inc. has a 1-year low of $94.00 and a 1-year high of $182.19. The business’s 50 day moving average is $111.17 and its 200-day moving average is $125.92.

Shopify Company Profile

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.