5 Artificial Intelligence Stocks in Cathie Wood’s Portfolio

3. Shopify Inc. (NYSE:SHOP)

A Canadian multinational e-commerce company, Shopify Inc. (NYSE:SHOP) utilizes store AI analytics that provides insights into customers’ activities while optimizing opportunities in one place. ARK Investment Management made its first investment of $242,000 in the company during the second quarter of 2017. In Q3 2021, the hedge fund held $1.25 billion worth of shares in Shopify Inc. (NYSE:SHOP), which accounted for 3% of its 13F portfolio.

On November 30, Shopify Inc. (NYSE:SHOP) reported record merchant sales of $6.3 billion globally, driven by Black Friday consumer spending. The sales experienced a 23% growth from the same period last year. As of the close of December 10, Shopify Inc. (NYSE:SHOP)’s year-to-date returns came in at 33.8%, while the stock surged 37.99% in the past year. As the company’s payment business grew by 46% year-over-year, Oppenheimer reiterated its Buy rating on Shopify Inc. (NYSE:SHOP), with a $1,700 price target.

As per Insider Monkey’s Q3 data, 73 hedge funds tracked by Insider Monkey reported owning stakes in Shopify Inc. (NYSE:SHOP), down from 85 in the previous quarter. The consolidated value of these stakes is over $11.4 billion. Lone Pine Capital held a roughly $2 billion worth of stake in Ottawa-based company, becoming its largest stakeholder in Q3.

ClearBridge Investments mentioned Shopify Inc. (NYSE:SHOP) in its Q2 2021 investor letter. Here is what they said:

“Shopify (is one of the) companies that have become go-to platforms for small and medium size businesses (SMBs) engaged in e-commerce and social media marketing, rebounded strongly in the quarter after being caught in the selloff among high-multiple growth names since Vaccine Monday. These and the portfolio’s other disruptors had thrived through the first part of the pandemic, leading us to trim positions into strength and reallocate cash into more attractively priced evolving opportunities and steady compounders that had been overly punished by lockdowns and a drop in economic activity.”