How to change shape of a component instance?

Hello, is there a way to modify a component instance’s shape? I have a tooltip which I’d like to make wider by expanding it horizontally so I can fit more text. However when I add more text, the tooltip expands only within the current shape’s width, and vertically which makes it look squashed. There is no option for me to drag the tooltip wider unless I modify the main component (which I don’t want to do).