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NASDAQ · Technology

SHOPIFY INC SHOP

Shopify is a commerce software platform for merchants, brands, and retailers. It provides online stores, checkout, payments, POS, shipping, financing, marketing tools, and AI-enabled merchant services. The thesis is gross merchandise volume growth, merchant retention, take-rate expansion, and operating leverage after simplifying the logistics strategy.

Sources Quartr company materials quartr.com
Commerce Software

Company profile

Business mix

  • Subscription solutions: storefront, checkout, POS, and commerce-management software for merchants.
  • Merchant solutions: payments, capital, shipping, fulfillment partnerships, and other services monetize GMV.
  • Enterprise and omnichannel: Shopify Plus, retail POS, B2B, and international tools expand larger-merchant adoption.

Current key questions

  • Can GMV growth stay above e-commerce industry growth as larger merchants adopt Shopify?
  • Do payments, POS, B2B, and AI tools increase take rate without hurting merchant economics?
  • Can operating leverage persist while product investment remains high?
Holders 7 Current sample portfolio
Public mentions 0 Videos / interviews / letters
Valuation snapshot
PE 107.91 FCF 1.49% Buyback -0.26%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Baillie Gifford legacy James Anderson 3.5% $3.4B 2026-03-31
Sands Capital Management Frank Sands 4.2% $1.1B 2026-03-31
Polen Capital Management 5.2% $748.1M 2026-03-31
Edgewood Management 4.6% $719.6M 2026-03-31
Baron Capital Ron Baron 1.7% $559.7M 2026-03-31
Durable Capital Partners Henry Ellenbogen 1.2% $115.3M 2026-03-31
Markel Group Tom Gayner 0.1% $12.2M 2026-03-31

Recent trading changes over the last 1 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 1 Last 1 13F filing periods
Net reducers 7 Last 1 13F filing periods
Unchanged holders 1 Share count unchanged
Increase amount $288.2M Estimated from net added shares
Reduction amount $781.4M Estimated from net reduced shares
Net share change / base shares -6.3% -3,760,349 / 59,883,514
Baron Capital Ron Baron 1 filing periods
13F 2026-03-31 Filed 2026-05-15
Major increase Shares 106.2% 13F value change +$191.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 2,288,270 Last 1 periods +2,429,960 (+106.2%) Total shares 4,718,230 Value $559.7M
Altimeter Capital Management Brad Gerstner 1 filing periods
13F 2026-03-31 Filed 2026-05-15
Sold out Shares -100.0% 13F value change -$91.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 570,210 Last 1 periods -570,210 (-100.0%) Total shares 0 Value $0
Durable Capital Partners Henry Ellenbogen 1 filing periods
13F 2026-03-31 Filed 2026-05-15
Major reduction Shares -52.4% 13F value change -$213.6M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 2,043,219 Last 1 periods -1,071,405 (-52.4%) Total shares 971,814 Value $115.3M
Polen Capital Management 1 filing periods
13F 2026-03-31 Filed 2026-05-14
Minor reduction Shares -12.4% 13F value change -$411.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-14
Base shares 7,201,872 Last 1 periods -895,132 (-12.4%) Total shares 6,306,740 Value $748.1M
Edgewood Management 1 filing periods
13F 2026-03-31 Filed 2026-05-14
Minor reduction Shares -2.2% 13F value change -$278.4M
Settlement As of 13F 2026-03-31 · Filed 2026-05-14
Base shares 6,199,459 Last 1 periods -133,335 (-2.2%) Total shares 6,066,124 Value $719.6M
Baillie Gifford legacy James Anderson 1 filing periods
13F 2026-03-31 Filed 2026-05-08
Minor reduction Shares -7.0% 13F value change -$1.6B
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 31,206,232 Last 1 periods -2,184,391 (-7.0%) Total shares 29,021,841 Value $3.4B
Sands Capital Management Frank Sands 1 filing periods
13F 2026-03-31 Filed 2026-05-08
Minor reduction Shares -6.0% 13F value change -$470.2M
Settlement As of 13F 2026-03-31 · Filed 2026-05-08
Base shares 9,506,036 Last 1 periods -570,370 (-6.0%) Total shares 8,935,666 Value $1.1B
Markel Group Tom Gayner 1 filing periods
13F 2026-03-31 Filed 2026-05-01
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-01
Base shares 102,750 Last 1 periods +0 (0.0%) Total shares 102,750 Value $12.2M
Whale Rock Capital Management Alex Sacerdote 1 filing periods
13F 2025-12-31 Filed 2026-02-17
Sold out Shares -100.0% 13F value change -$113.8M
Settlement As of 13F 2025-12-31 · Filed 2026-02-17
Base shares 765,466 Last 1 periods -765,466 (-100.0%) Total shares 0 Value $0

Recent mentions

No public mentions.