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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 2 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 2 Last 2 13F filing periods
Net reducers 4 Last 2 13F filing periods
Unchanged holders 3 Share count unchanged
Increase amount $525.6M Estimated from net added shares
Reduction amount $2.1B Estimated from net reduced shares
Net share change / base shares -18.8% -12,978,394 / 69,101,559
Baron Capital Ron Baron 2 filing periods
13F 2025-12-31 Filed 2026-02-17
Minor increase Shares 0.1% 13F value change +$28.7M
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 2,285,499 Last 2 periods +2,432,731 (+106.4%) Total shares 4,718,230 Value $559.7M
Altimeter Capital Management Brad Gerstner 2 filing periods
13F 2025-12-31 Filed 2026-02-17
New Shares - 13F value change +$91.8M
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 0 Last 2 periods +0 (New) Total shares 0 Value $0
Durable Capital Partners Henry Ellenbogen 2 filing periods
13F 2025-12-31 Filed 2026-02-17
Major reduction Shares -55.0% 13F value change -$346.4M
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 4,543,835 Last 2 periods -3,572,021 (-78.6%) Total shares 971,814 Value $115.3M
Polen Capital Management 2 filing periods
13F 2025-12-31 Filed 2026-02-12
Major reduction Shares -34.9% 13F value change -$484.5M
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 11,060,906 Last 2 periods -4,754,166 (-43.0%) Total shares 6,306,740 Value $748.1M
Edgewood Management 2 filing periods
13F 2025-12-31 Filed 2026-02-12
Major reduction Shares -29.0% 13F value change -$299.1M
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 8,727,511 Last 2 periods -2,661,387 (-30.5%) Total shares 6,066,124 Value $719.6M
Baillie Gifford legacy James Anderson 2 filing periods
13F 2025-12-31 Filed 2026-01-23
Minor reduction Shares -12.0% 13F value change -$244.0M
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 35,443,787 Last 2 periods -6,421,946 (-18.1%) Total shares 29,021,841 Value $3.4B
Sands Capital Management Frank Sands 2 filing periods
13F 2025-12-31 Filed 2026-02-13
Major increase Shares 37.0% 13F value change +$499.2M
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 6,937,271 Last 2 periods +1,998,395 (+28.8%) Total shares 8,935,666 Value $1.1B
Markel Group Tom Gayner 2 filing periods
13F 2025-12-31 Filed 2026-02-06
Unchanged Shares 0.0% 13F value change $0
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 2 periods +0 (0.0%) Total shares 102,750 Value $12.2M
Whale Rock Capital Management Alex Sacerdote 2 filing periods
13F 2025-09-30 Filed 2025-11-14
New Shares - 13F value change +$113.8M
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 0 Last 2 periods +0 (New) Total shares 0 Value $0

Recent mentions

No public mentions.