Bell Bank 13F: New $667K Stake in Shopify (SHOP)

Bell Bank opened a new position in Shopify Inc. (NASDAQ:SHOP) by purchasing 4,496 shares, with the investment valued at $666,757. The move was revealed in a Form 13F filing with the Securities and Exchange Commission on October 21, 2026.

SHOP Shopify Inc.

$174.29 ▲ +10.87% year to date

1M 3M YTD

Daily close · Oct 21, 2026

What Changed in Bell Bank's Shopify Position

Bell Bank established a brand-new stake in Shopify Inc. during the period, picking up 4,496 shares. The total value of the new holding reached $666,757 at the time of the filing. Because this is a newly initiated position, there was no prior share count or percentage change to report.

Other Institutional Activity in Shopify

Other major fund managers adjusted their holdings in Shopify around the same period. Vaughan Nelson Investment Management, L.P. held 1,005,760 shares worth about $114,837,677. Y-Intercept acquired 215,080 shares valued at about $31,896,364. Capital International Investors grew its holdings by 4,835,606 shares, ending with 54,893,641 shares worth about $9,567,412,321 for a 9.7% increase. BAILLIE GIFFORD & CO reduced its holdings by 618,164 shares, ending with 28,403,600 shares worth about $4,950,463,253 for a 2.1% decrease. Royal Bank of Canada grew its holdings by 1,875,640 shares, ending with 23,534,300 shares worth about $4,101,792,988 for an 8.7% increase.

Shopify Inc. Stock Down 1.6%

Shopify recently traded around $174.22 on October 22, 2026, close to its event-day close of $174.29 on October 21, 2026. The stock trades below its 52-week high of $182.19 and well above its 52-week low of $94.00.

Recent Earnings

Shopify reported trailing twelve-month revenue of $13.27 billion alongside an earnings per share of $1.48. The company posts a net profit margin of 14.5% and a return on equity of 15.5%. Its next earnings report is scheduled for November 3, 2026.

Analysts Set New Price Targets

Wall Street firms updated their outlooks on the stock ahead of the upcoming earnings release. On September 23, 2026, Wedbush reiterated its Outperform rating with a $176.00 price target. On October 6, 2026, JP Morgan maintained an Overweight rating and raised its target to $200.00 from $185.00. On October 12, 2026, Cantor Fitzgerald maintained a Neutral rating and lifted its target to $158.00 from $145.00. On October 14, 2026, Baird maintained an Outperform rating and raised its target to $190.00 from $160.00. On October 16, 2026, RBC Capital maintained an Outperform rating and boosted its target to $200.00 from $180.00. The stock carries a consensus buy rating and a mean price target of $175.71.

About Shopify

Shopify Inc. provides commerce technology tools designed to help businesses of various sizes start, scale, market, and run their operations across multiple global regions. The company's platform serves merchants ranging from small storefronts to large enterprises.

Bottom Line

Bell Bank's new investment comes as institutional interest in the commerce platform remains active. Observers will look toward the upcoming earnings release on November 3, 2026 for further updates on revenue growth and profitability.