Cathie Wood is Loading Up on These 5 Stocks

3. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 60

Percentage Increase in Stake During Q2 2022: 35% 

Shopify Inc. (NYSE:SHOP) provides a commerce platform and related services. The hedge fund chaired by Wood owned close to 1.2 million shares of Shopify Inc. (NYSE:SHOP) at the end of June 2022 worth $455 million, representing 2.69% of the portfolio. 

On August 11, Atlantic Equities analyst Kunaal Malde upgraded Shopify Inc. (NYSE:SHOP) stock to Overweight from Neutral with a price target of $46, noting the firm was a market leader in product innovation. 

At the end of the second quarter of 2022, 60 hedge funds in the database of Insider Monkey held stakes worth $3.2 billion in Shopify Inc. (NYSE:SHOP), compared to 72 in the preceding quarter worth $5.7 billion. 

In its Q1 2022 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Shopify Inc. (NYSE:SHOP) was one of them. Here is what the fund said:

“We added to the Portfolio’s position in e-commerce company Shopify Inc. (NYSE:SHOP) in the first quarter after a sharp share-price decline. This brought the Portfolio’s weighting in the company to 2%. We believe Shopify provides a uniquely positioned platform, and we like the company’s strategy of continuing to invest in its business in an effort to strengthen its competitive advantages. The market’s affinity for businesses like Shopify Inc. (NYSE:SHOP) may have changed, which created an opportunity for us to build our position in the company at what we believed to be compelling valuations.”