Hartline Investment Corp Lowers Stake in Shopify Inc. $SHOP

Key Points

• Hartline Investment Corp reduced its stake in Shopify Inc. (NASDAQ:SHOP) by 32.3%, now holding 25,182 shares worth approximately $2.9 million following the sale of 11,995 shares in the second quarter.
• Despite the stake reduction from Hartline, several institutional investors have increased their positions in Shopify, including Global Wealth Strategies & Associates, which boosted its holdings by 182.8%.
• Shopify's recent quarterly earnings exceeded expectations with $0.35 earnings per share on revenue of $2.68 billion, showcasing a 31.1% year-over-year growth.

Hartline Investment Corp reduced its holdings in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 32.3% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 25,182 shares of the software maker's stock after selling 11,995 shares during the period. Hartline Investment Corp's holdings in Shopify were worth $2,905,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in SHOP. Family Legacy Financial Solutions LLC purchased a new stake in shares of Shopify in the second quarter valued at about $25,000. Coastline Trust Co purchased a new stake in shares of Shopify in the second quarter valued at about $29,000. Smithfield Trust Co boosted its holdings in shares of Shopify by 149.2% in the first quarter. Smithfield Trust Co now owns 314 shares of the software maker's stock valued at $30,000 after acquiring an additional 188 shares in the last quarter. Dagco Inc. purchased a new stake in shares of Shopify in the first quarter valued at about $30,000. Finally, Global Wealth Strategies & Associates boosted its holdings in Shopify by 182.8% during the second quarter. Global Wealth Strategies & Associates now owns 263 shares of the software maker's stock worth $30,000 after buying an additional 170 shares in the last quarter. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Trading Up 0.8%

Shares of SHOP opened at $157.76 on Friday. The stock has a market cap of $205.03 billion, a P/E ratio of 88.13, a PEG ratio of 7.33 and a beta of 2.72. The company has a 50-day moving average of $148.00 and a two-hundred day moving average of $120.99. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $169.69.

Shopify (NASDAQ:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings data on Wednesday, August 6th. The software maker reported $0.35 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.06. The business had revenue of $2.68 billion during the quarter, compared to analyst estimates of $2.55 billion. Shopify had a net margin of 23.42% and a return on equity of 12.30%. The company's revenue was up 31.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.26 earnings per share. As a group, analysts forecast that Shopify Inc. will post 1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SHOP has been the topic of a number of research analyst reports. KeyCorp reissued an "overweight" rating and set a $175.00 price objective (up previously from $145.00) on shares of Shopify in a report on Thursday, August 7th. Benchmark reissued a "buy" rating and set a $140.00 price objective (up previously from $125.00) on shares of Shopify in a report on Tuesday, August 5th. Citigroup boosted their price objective on shares of Shopify from $155.00 to $195.00 and gave the stock a "buy" rating in a report on Friday, August 8th. Loop Capital downgraded shares of Shopify from a "buy" rating to a "hold" rating and set a $120.00 price objective on the stock. in a report on Tuesday, July 22nd. Finally, ATB Capital downgraded shares of Shopify to a "sector perform" rating in a report on Thursday, August 7th. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, twenty-two have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $152.76.

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.

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