9 High Growth Canadian Stocks to Buy

5. Shopify Inc. (NASDAQ:SHOP)

5-year Revenue Growth: 41.27%

Number of Hedge Fund Holders: 91

Shopify Inc. (NASDAQ:SHOP) is one of the high-growth Canadian stocks to buy. Although the AI ‘bubble’ has not generally favored software stocks, Shopify has soared 48% in 2025 due to its sound (yet ironic) integration of AI agents within its interface. It is also one of the top software picks that will rebound in 2026, according to an Oppenheimer analyst, making it a strong buy today.

RBC Capital analyst Paul Treiber reiterated a Buy rating on Shopify Inc. (NASDAQ:SHOP) on January 19 and assigned a price target of $200.00. Overall analyst sentiment remains constructive, with Shopify carrying a Moderate Buy consensus and an average price target of $180.62, implying roughly 13% upside from current levels. Adding to the positive outlook, Scotiabank upgraded the shares to Buy in a January 8 report and also set a $200.00 price target.

Shopify Inc. (NASDAQ:SHOP) reinforced this outlook with strong operating performance in the quarter ended September 30, 2025, reporting 32% revenue growth and an 18% free cash flow margin, extending its streak to nine consecutive quarters of double-digit free cash flow margins. Leadership emphasized that Shopify’s ability to support everyone from first-time entrepreneurs to global brands is driving sustained growth, while consistent improvements in cash generation underscore the company’s operational maturity and resilience heading into peak retail periods.

Shopify Inc. (NASDAQ:SHOP) is a global commerce platform that enables businesses of all sizes to create, manage, and scale online and in-person stores without needing deep technical expertise. Founded in 2006, the company is headquartered in Ottawa, Ontario, Canada.