Cathie Wood is Buying These 5 Stocks on the Dip

2. Shopify Inc. (NYSE:SHOP)

Number of Hedge Fund Holders: 60  

Percentage Increase in Stake During Q2 2022: 35% 

Loss in Share Price Year-to-Date as of September 21: 77%

Shopify Inc. (NYSE:SHOP), a commerce company, provides an e-commerce platform and 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 September 8, investment advisory Oppenheimer maintained an Outperform rating on Shopify Inc. (NYSE:SHOP) stock with a price target of $45. Analyst Ken Wong issued the ratings update. 

Among the hedge funds being tracked by Insider Monkey, London-based investment firm Fundsmith LLP is a leading shareholder in Shopify Inc. (NYSE:SHOP), with 10.2 million shares worth more than $814 million. 

In its Q2 2022 investor letter, Baron Funds, 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) is a cloud-based software provider offering an operating system for multi-channel commerce. Shares fell due to continued post-pandemic e-commerce normalization as economies reopen, concerns about competition following Amazon’s announcement of Buy with Prime, as well as the broader sell-off in growth stocks. We remain shareholders due to Shopify’s strong competitive positioning, innovative culture, and long runway for growth as it currently addresses less than 1% of global commerce spend.”