Shopify (SHOP)

• Market cap: $141B
• 1 day: 1.76%
• 5 days: -5.86%
• 1 month: 4.82%
• 3 months: 38.40%
• 6 months: 70.55%
• Year to date: 47.57%
• 1 year: 44.46%
• 5 years: 179.29%
• 10 years: 4,139.30%

About: Shopify offers an e-commerce platform primarily to small and medium-size businesses. The firm has two segments. The subscription solutions segment allows Shopify merchants to conduct e-commerce on a variety of platforms, including the company's website, physical stores, pop-up stores, kiosks, social networks (Facebook), and Amazon. The merchant solutions segment offers add-on products for the platform that facilitate e-commerce and include Shopify Payments, Shopify Shipping, and Shopify Capital.

Employees: 11,600

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

38% more first-time investments, than exits

New positions opened: 153 | Existing positions closed: 111

27% more call options, than puts

Call options by funds: $3.02B | Put options by funds: $2.37B

15% more capital invested

Capital invested by funds: $57.1B [Q2] → $65.6B (+$8.44B) [Q3]

10% more funds holding in top 10

Funds holding in top 10: 30 [Q2] → 33 (+3) [Q3]

4% more funds holding

Funds holding: 1,177 [Q2] → 1,219 (+42) [Q3]

7% more repeat investments, than reductions

Existing positions increased: 451 | Existing positions reduced: 423

3.79% less ownership

Funds ownership: 71.35% [Q2] → 67.56% (-3.79%) [Q3]

Research analyst outlook

17 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $70 36% downside
• Avg. target: $112 3% upside
• High target: $140 28% upside

17 analyst ratings

• positive: 10 59%
• neutral: 7 41%
• negative: 0 0%

JMP Securities Andrew Boone 73% 1-year accuracy 67 / 92 met price target	10% upside $120	Market Outperform Reiterated	12 Dec 2024
Loop Capital Anthony Chukumba 50% 1-year accuracy 10 / 20 met price target	29% upside $140	Buy Upgraded	6 Dec 2024
MoffettNathanson Michael Morton 75% 1-year accuracy 3 / 4 met price target	9% downside $99	Neutral Maintained	26 Nov 2024
Wells Fargo Andrew Bauch 73% 1-year accuracy 24 / 33 met price target	10% upside $120	Overweight Maintained	13 Nov 2024
Truist Securities Terry Tillman 68% 1-year accuracy 32 / 47 met price target	1% upside $110	Hold Maintained	13 Nov 2024