Hartline Investment Corp Trims Stock Position in Shopify Inc. (NYSE:SHOP)

Hartline Investment Corp lowered its stake in Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 39.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 37,177 shares of the software maker's stock after selling 24,267 shares during the period. Hartline Investment Corp's holdings in Shopify were worth $3,550,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Calamos Wealth Management LLC boosted its holdings in Shopify by 22.8% in the first quarter. Calamos Wealth Management LLC now owns 25,204 shares of the software maker's stock valued at $2,404,000 after acquiring an additional 4,687 shares in the last quarter. Checchi Capital Advisers LLC boosted its holdings in Shopify by 2.9% in the first quarter. Checchi Capital Advisers LLC now owns 5,129 shares of the software maker's stock valued at $490,000 after acquiring an additional 146 shares in the last quarter. Mountain Capital Investment Advisors Inc. boosted its holdings in Shopify by 7.3% in the first quarter. Mountain Capital Investment Advisors Inc. now owns 2,263 shares of the software maker's stock valued at $215,000 after acquiring an additional 153 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in Shopify by 2.3% in the first quarter. D.A. Davidson & CO. now owns 79,279 shares of the software maker's stock valued at $7,566,000 after acquiring an additional 1,796 shares in the last quarter. Finally, Principal Financial Group Inc. boosted its holdings in shares of Shopify by 517.6% during the 1st quarter. Principal Financial Group Inc. now owns 243,316 shares of the software maker's stock valued at $23,218,000 after buying an additional 203,916 shares in the last quarter. Institutional investors own 69.27% of the company's stock.

Shopify Trading Up 2.4%

NYSE:SHOP traded up $2.73 during mid-day trading on Friday, reaching $117.50. The company's stock had a trading volume of 3,773,554 shares, compared to its average volume of 9,311,204. Shopify Inc. has a 12-month low of $48.56 and a 12-month high of $129.38. The firm's fifty day moving average price is $106.22 and its two-hundred day moving average price is $104.77. The stock has a market cap of $152.44 billion, a P/E ratio of 75.81, a PEG ratio of 4.82 and a beta of 2.63.

Wall Street Analysts Forecast Growth

SHOP has been the topic of a number of research reports. National Bankshares dropped their target price on shares of Shopify from $140.00 to $120.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Cantor Fitzgerald restated a "neutral" rating and set a $91.00 target price on shares of Shopify in a report on Wednesday, June 11th. Jefferies Financial Group dropped their target price on shares of Shopify from $130.00 to $110.00 and set a "hold" rating on the stock in a report on Monday, May 5th. Wells Fargo & Company boosted their target price on shares of Shopify from $107.00 to $125.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Finally, Benchmark dropped their target price on shares of Shopify from $150.00 to $125.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. One equities research analyst has rated the stock with a sell rating, fourteen have assigned a hold rating, twenty-five have given a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $115.66.

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.