5 Prominent NYSE Stocks That Hit 52-Week Highs This Week

4. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 69

YTD Performance as of December 22: 121.35%

Shopify Inc. (NYSE:SHOP) is a leading provider of internet infrastructure for commerce, offering tools to start, grow, market, and manage a retail business of any size. Its platform and services are used by millions of businesses across 175 countries.

As of Q3 2023, 69 of the 910 hedge funds tracked by Insider Monkey owned shares of Shopify Inc. (NYSE:SHOP), valued at $2.7 billion. Cathie Wood’s ARK Investment Management holds the most shares among hedge funds, with ownership of nearly 7 million shares valued at $380 million.

This is what Baron Funds, an investment management firm, had to say about Shopify Inc. (NYSE:SHOP) in its Q3 2023 investor letter:

“[W]e believe that Shopify will continue to benefit from its position as the commerce operating system for its merchants. Rather than replacing Shopify, various selling channels, including TikTok, are managed within the platform, which should enable Shopify to maintain its competitive advantage over the long term [. . .] We remain shareholders due to Shopify’s strong competitive positioning, innovative culture, and long runway for growth, as it still holds less than a 2% share of the global commerce market.”