5 High Growth International Stocks to Buy

1. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 69      

Shopify Inc. (NYSE:SHOP) is a commerce company that provides a commerce platform and services worldwide. On December 6, investment advisory RBC Capital maintained an Outperform rating on Shopify Inc. (NYSE:SHOP) stock and raised the price target to $100 from $80. 

Among the hedge funds being tracked by Insider Monkey, St. Petersburg, Florida-based investment firm ARK Investment Management is a leading shareholder in Shopify Inc. (NYSE:SHOP) with 6.9 million shares worth more than $379 million.  

In its Q3 2023 investor letter, Fred Alger Management, an asset management firm, highlighted a few stocks and Shopify Inc. (NYSE:SHOP) was one of them. Here is what the fund said:

“Shopify Inc. (NYSE:SHOP) operates a cloud-based commerce platform designed for small and medium-sized businesses. Its software is used by merchants to run business across all sales channels, including web, tablet and mobile storefronts, social media storefronts, and brick-and-mortar and pop-up shops. The firm’s platform provides merchants with a single view of business and customers and enables them to manage products and inventory, process orders and payments, build customer relationships and leverage analytics and reporting. While the company’s shares nearly doubled in the first half of 2023, market sentiment deteriorated towards unprofitable technology companies during the third quarter, as shares detracted from performance. Despite the share price decline, we continue to remain positive on the company’s asset-light model within the vast eCommerce market and believe that we are in the early innings of the company’s renowned focus on operational efficiency and profitability.”

You can also take a peek at 14 Best Hot Stocks To Buy Now and 12 Best Foreign Stocks With Dividends.