Royal Fund Management 13F: Cuts Shopify (SHOP) Stake by $4.2M

Royal Fund Management cut its position in Shopify Inc. SHOP by 28,550 shares during the third quarter, according to a Form 13F filed with the SEC on October 22, 2026. The fund disclosed the sale in a filing that revealed a remaining stake of 9,676 shares with an estimated value of $1.43 million. Shopify closed at $168.81 on the filing date.

SHOP Shopify Inc.

$168.81 ▲ +7.39% year to date

1M 3M YTD

Daily close · Oct 22, 2026

What Changed in Royal Fund Management's Shopify Position

The fund lowered its holdings by a 74.6% decrease, moving down from 38,226 shares previously held. The reduction leaves the firm with 9,676 shares of the commerce technology provider. The reported value of the remaining shares stands at $1,434,951.

Other Institutional Activity in Shopify

While Royal Fund Management scaled back its exposure, several other major institutions made different moves with the stock during the same period. Capital International Investors grew its holdings by 4,835,606 shares, ending with 54,893,641 shares worth about $9.27 billion. Baillie Gifford & Co reduced its stake by 618,164 shares, leaving it with 28,403,600 shares valued at roughly $4.79 billion. Royal Bank of Canada lifted its position by 1,875,640 shares to end with 23,534,300 shares worth about $3.97 billion. Fil Ltd grew its holdings by 1,049,799 shares, finishing with 19,275,482 shares valued at approximately $3.25 billion.

Shopify Inc. Stock Down 2.7%

Shopify shares recently traded around $168.85 as of October 23, 2026, roughly flat compared to the previous day's close of $168.81. The stock trades about 30.0% above its 200-day moving average of $129.87 and sits roughly 7.3% below its 52-week high of $182.19. The company carries a market capitalization of roughly $224.25 billion.

Recent Earnings

Shopify reported trailing-twelve-month revenue of $13.27 billion alongside $1.48 in earnings per share. The company operates with 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

Wedbush reiterated an outperform rating with a $176.00 price target on September 23, 2026. JP Morgan maintained an overweight rating while raising its target to $200.00 from $185.00 on October 6, 2026. Cantor Fitzgerald kept a neutral rating with a target of $158.00 on October 12, 2026. Baird maintained an outperform rating and lifted its target to $190.00 on October 14, 2026. RBC Capital maintained an outperform rating while moving its target to $200.00 on October 16, 2026. Analysts currently hold a consensus buy rating on the stock with a mean price target of $175.50.

About Shopify

Shopify Inc. provides commerce software and cloud-based tools that help merchants of all sizes start, run, and scale their businesses online and offline. The Ottawa-based company operates a multi-channel platform spanning payment processing, shipping, marketing, and point-of-sale systems across global markets.

Bottom Line

Institutional adjustments in Shopify highlight active portfolio rebalancing ahead of the company's upcoming earnings release on November 3, 2026. Observers will monitor upcoming filings to see if other funds follow similar reduction patterns.