Carnegie Investment Counsel Grows Stake in Shopify Inc. $SHOP

Key Points

• Carnegie Investment Counsel increased its Shopify stake by 16.4% in the first quarter, adding 19,162 shares and bringing its total holdings to 135,824 shares worth about $16.1 million.
• Several other institutional investors also boosted their positions, and institutions now own 69.27% of Shopify’s stock, indicating continued strong professional interest in the company.
• Analyst sentiment remains mostly positive, with Bank of America calling Shopify a major AI winner and multiple firms maintaining or raising bullish ratings, though the stock still faces concerns over valuation and broader market weakness.

Carnegie Investment Counsel boosted its position in shares of Shopify Inc. (NASDAQ:SHOP - Free Report) TSE: SHOP by 16.4% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 135,824 shares of the software maker's stock after purchasing an additional 19,162 shares during the quarter. Carnegie Investment Counsel's holdings in Shopify were worth $16,111,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SHOP. 180 Wealth Advisors LLC boosted its position in shares of Shopify by 11.3% in the 1st quarter. 180 Wealth Advisors LLC now owns 6,604 shares of the software maker's stock worth $783,000 after buying an additional 668 shares in the last quarter. Welch & Forbes LLC increased its holdings in Shopify by 0.4% during the 1st quarter. Welch & Forbes LLC now owns 153,531 shares of the software maker's stock valued at $18,212,000 after acquiring an additional 597 shares in the last quarter. Fifth Third Bancorp increased its holdings in Shopify by 0.4% during the 1st quarter. Fifth Third Bancorp now owns 37,355 shares of the software maker's stock valued at $4,431,000 after acquiring an additional 150 shares in the last quarter. Sovran Advisors LLC raised its position in Shopify by 52.5% during the first quarter. Sovran Advisors LLC now owns 4,645 shares of the software maker's stock worth $563,000 after acquiring an additional 1,599 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its position in Shopify by 35.6% during the first quarter. Sequoia Financial Advisors LLC now owns 30,599 shares of the software maker's stock worth $3,630,000 after acquiring an additional 8,030 shares during the last quarter. Institutional investors and hedge funds own 69.27% of the company's stock.

Key Headlines Impacting Shopify

Here are the key news stories impacting Shopify this week:

• Positive Sentiment: Bank of America said Shopify is a major AI winner, reinforcing the view that the company could benefit as merchants adopt AI tools to improve sales, marketing, and checkout performance. Bank of America argues Shopify is a major AI winner
• Positive Sentiment: Zacks upgraded Shopify from hold to strong-buy, and other research notes highlighted earnings growth and price strength, adding to bullish sentiment around the stock. Earnings Growth & Price Strength Make Shopify (SHOP) a Stock to Watch
• Neutral Sentiment: Shopify is also showing up on trending-stock lists and analyst-call roundups, suggesting elevated investor attention, but these items are more about visibility than a direct business catalyst. Shopify Inc. (SHOP) Is a Trending Stock
• Neutral Sentiment: Investors are also watching for Shopify’s Q2 2026 results on August 5, which could become a bigger driver once earnings are closer. This Week In E-Commerce - Shopify's Q2 2026 Financial Results Announcement Insights
• Negative Sentiment: Shopify remains a richly valued stock, with several recent articles questioning whether the current price is hard to justify, which may limit upside and keep volatility high. Shopify: Great Company, Impossible Valuation
• Negative Sentiment: There was also recent weakness in the broader tech market, and Shopify had already declined in a prior session, showing that macro pressure and high valuation can still weigh on the shares. HubSpot, Q2 Holdings, and Shopify Shares Plummet, What You Need To Know

Shopify Trading Down 0.5%

Shares of NASDAQ SHOP traded down $0.63 during midday trading on Friday, reaching $122.54. 5,472,989 shares of the stock were exchanged, compared to its average volume of 7,931,916. The stock has a 50 day moving average price of $111.12 and a 200-day moving average price of $125.24. The company has a market capitalization of $159.01 billion, a P/E ratio of 121.33, a P/E/G ratio of 2.66 and a beta of 2.58. Shopify Inc. has a 52-week low of $94.00 and a 52-week high of $182.19.

Analyst Ratings Changes

Several analysts have recently commented on SHOP shares. Barclays set a $126.00 price target on shares of Shopify and gave the company an "equal weight" rating in a research report on Wednesday, May 6th. Bank of America initiated coverage on Shopify in a research report on Tuesday, July 7th. They set a "buy" rating and a $150.00 price objective for the company. UBS Group reaffirmed a "neutral" rating on shares of Shopify in a research note on Thursday, May 28th. Oppenheimer reiterated an "outperform" rating and set a $175.00 target price on shares of Shopify in a report on Wednesday, May 6th. Finally, Citigroup downgraded Shopify from a "market outperform" rating to a "neutral" rating in a research report on Friday. Three investment analysts have rated the stock with a Strong Buy rating, thirty-one have issued a Buy rating and eleven have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $157.03.

Shopify Profile

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.

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