14 Best Multibagger Stocks to Buy According to Hedge Funds

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7. Shopify Inc. (NASDAQ:SHOP)

Number of Hedge Funds: 77

1Y Return: 107.5%

Shopify Inc. (NASDAQ:SHOP) is one of the best multibagger stocks according to hedge funds. On July 22, 2025, KeyBanc Capital Markets analyst Justin Patterson raised his price target on Shopify from $115 to $145 and reiterated an “Overweight” rating. The adjustment is reflective of accelerating growth across multiple revenue streams, including international expansion, B2B commerce, offline retail, and Shopify Plus. Recent product innovation at the company such as AI-powered tools and upgrades to Shopify Checkout, Sidekick, and Managed Markets are key contributors to a “multi-year compounding opportunity.”

Analysts also note Shopify’s gross merchandise volume growth remains resilient and that the company is beginning to show signs of operating leverage as it scales its platform globally.

Shopify’s ability to integrate new capabilities without disrupting merchant experience continues to strengthen its competitive moat, particularly against legacy e-commerce platforms. The note followed Shopify’s Q2 update, which showed revenue growth of 26.5% year-over-year and improving adjusted operating income.

Shopify Inc. (NASDAQ: SHOP) is a Canadian e-commerce infrastructure company that provides software and services enabling merchants to create, manage, and scale online and offline storefronts.

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