5 Best SaaS Stocks to Buy and Hold for Long Term Profits

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1. Shopify Inc. (NYSE: SHOP)

Number of Hedge Fund Holders: 91

Any list of top SaaS stocks to buy and hold would be incomplete without Shopify, which continues to be the top choice of millions of people around the world who want to make web stores to sell their products. New stores created on the company’s platform increased by 62% between March 13, 2020 and April 24, 2020 compared to the prior six weeks.

Loop Capital recently upgraded Shopify Inc. (NYSE: SHOP) stock to Buy from Hold.  The firm’s analyst Anthony Chukumba said that he expects the company to see growth as it benefits from the continued secular shift to e-commerce. The analyst set a price target of $1,400 for Shopify Inc. (NYSE: SHOP).

With a $1.9 billion stake in Shopify, Stephen Mandel’s Lone Pine Capital owns 1.7 million shares of the company as of the end of the first quarter of 2021. Our database shows that 91 hedge funds held stakes in Shopify as of the end of the first quarter, versus 90 funds in the fourth quarter.

You can also take a peek at 10 Best ADR Stocks to Buy in 2021 and 10 Best Plastics Stocks to Buy Now.

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