Shopify Inc. $SHOP Stock Position Raised by Hartline Investment Corp

Hartline Investment Corp increased its position in Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 72.7% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 56,485 shares of the software maker’s stock after purchasing an additional 23,784 shares during the period. Shopify comprises about 0.7% of Hartline Investment Corp’s investment portfolio, making the stock its 26th biggest holding. Hartline Investment Corp’s holdings in Shopify were worth $6,700,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SHOP. First Affirmative Financial Network lifted its holdings in shares of Shopify by 3.4% in the third quarter. First Affirmative Financial Network now owns 2,275 shares of the software maker’s stock valued at $338,000 after purchasing an additional 75 shares in the last quarter. TBH Global Asset Management LLC boosted its position in Shopify by 1.2% during the 4th quarter. TBH Global Asset Management LLC now owns 6,438 shares of the software maker’s stock worth $1,036,000 after acquiring an additional 75 shares during the period. Smartleaf Asset Management LLC boosted its position in Shopify by 13.9% during the 2nd quarter. Smartleaf Asset Management LLC now owns 631 shares of the software maker’s stock worth $72,000 after acquiring an additional 77 shares during the period. Dynamic Advisor Solutions LLC grew its stake in Shopify by 2.6% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 3,164 shares of the software maker’s stock valued at $509,000 after acquiring an additional 80 shares in the last quarter. Finally, Pacific Sage Partners LLC increased its holdings in shares of Shopify by 3.9% in the 4th quarter. Pacific Sage Partners LLC now owns 2,133 shares of the software maker’s stock valued at $343,000 after purchasing an additional 80 shares during the period. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Shopify Trading Up 1.4%

SHOP stock opened at $121.88 on Wednesday. The firm has a market cap 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 company has a fifty day simple moving average of $111.17 and a 200 day simple moving average of $125.92.

Analyst Ratings Changes

Several analysts recently commented on SHOP shares. Wells Fargo & Company decreased their price target on shares of Shopify from $166.00 to $144.00 and set an “overweight” rating for the company in a report on Wednesday, May 6th. Canaccord Genuity Group cut their target price on shares of Shopify from $165.00 to $145.00 and set a “buy” rating for the company in a research report on Wednesday, May 6th. Citizens Jmp decreased their target price on shares of Shopify from $160.00 to $150.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 6th. Weiss Ratings cut shares of Shopify from a “hold (c)” rating to a “hold (c-)” rating in a report on Wednesday, May 6th. Finally, UBS Group reiterated a “neutral” rating on shares of Shopify in a report on Thursday, May 28th. Two equities research 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $156.06.

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.