10 Best Performing Canadian Stocks in 2025

5. Shopify Inc. (NYSE:SHOP)

1-Year Returns: 57.89%

Number of Hedge Fund Holders: 56

Shopify Inc. (NYSE:SHOP) is a Canada-based e-commerce company that provides a platform for merchants to sell items via a variety of sales channels. Shopify’s platform is utilized by millions of businesses in 175 countries, making it a crucial tool for supporting organizations all around the world.

Phillip Securities substituted SHOP from Buy to Accumulate on February 17, increasing the stock’s price target to $140 from $105. The revision followed Shopify’s Q4 performance, which exceeded sales and profit expectations because of solid cost control. According to the firm’s report, Shopify’s revenue and profit after tax and minority interests (PATMI) for fiscal year 2024 exceeded expectations by 102% and 167%, respectively.

Polen Capital mentioned Shopify Inc. (NYSE:SHOP) in its Q2 2024 investor letter. Here is what the fund said:

“Shopify’s business model combines 1) a mission-critical software business where merchants can run all their business operations from one dashboard and 2) a payments business with a long runway to increase attach rates and grow alongside merchants. Additionally, we believe the business possesses significant optionality to continue attaching existing merchant solutions and adding more merchant services as high-margin cross-sells. With several powerful tailwinds at their back (e-commerce, mobile commerce, social media, digital payments, seamless omnichannel, DTC, cloud software digitization) and a highly scalable business model, we think their growth will likely be stronger for longer than investors expect.”