Are SHOP insiders and hedge funds buying or selling?

Roarable's SEC Form 4 and 13F Whale Thermometer currently classifies SHOP leadership and institutional positioning as: BALANCED INSTITUTIONAL POSITIONING.

Stock Ratings / Technology / SHOP / insiders

CRWD (63) SAP (75) NOW (63) SNOW (55) ⌘ Pro Terminal →

Shopify Inc. Class A Subordinate Voting Shares (SHOP) Insider, 13F Hedge Fund & Politician Buy/Sell Thermometer

$156.22 -0.81% NASDAQ • Live Quote vs Prior Daily Close (Synced Snapshot) EXT / AFTER-HRS: $156.37

Shopify Inc. Class A Subordinate Voting Shares (SHOP) earns a Roarable Rating of B- (Buy) with 70/100 RQD Confidence. High-quality cash engine (48% profit margin, 7% return on capital) with steady institutional support. The company’s underlying cash engine and institutional positioning keep the composite score in the Green Buy zone.

📊 Historical Track Record: Scores of 70/100 (B-) historically ranked in the Top 15% of excess returns over the next 90 days (+6.6% avg 90D alpha vs SPY • 68.1% hit rate) →

ROARABLE B- • BUY Cap $204.08B

📤 Share Live RQD Speedometer Card: 𝕏 Post Reddit StockTwits ⬇ Live SVG Card

⚡ INSTANT AI QUANT PREVIEW • $0 FREE TIER Click Any Pre-Computed AI Quant Specialist Briefing on SHOP Below — or Connect Your Own ChatGPT / Claude

🤖 Mara Quenwick • AI Quant Lead (Click for Instant Brief) Is SHOP stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

▼

As of 2026-11-03, Shopify Inc. Class A Subordinate Voting Shares (NASDAQ: SHOP) is rated B- (Buy / BUY) by Roarable's 5-pillar RQD engine with a composite confidence score of 70/100 at a spot price of $156.22 (-0.81% 1D, market cap $204.08B). Pillar breakdown: Fundamental Cash Engine 14/20, Institutional 13F & Options Flow 16/20, Executive Insider Alignment 18/20, FRED Macro Regime Fit 12/20, and SEC Balance-Sheet Forensics 10/20. Across 714 tracked Technology issuers, SHOP ranks #67 in composite RQD confidence.

✓ Pre-computed one-to-many AI Quant brief

🤖 Ellis Vennor • AI Peer & Flow Quant (Click for Instant Brief) How does SHOP compare to CRWD and SAP in the Technology sector?

▼

Within the Technology sector (Computer Software: Prepackaged Software), SHOP carries a Roarable B- (70/100 RQD), trailing P/E of N/A, gross margin of 48.1%, and ROIC of 6.7%. By comparison, CRWD (CrowdStrike Holdings Inc.) holds a C grade (63/100 RQD, P/E N/A, ROIC -1.1%, cap $256.42B) and SAP (SAP SE ADS) posts a B grade (75/100 RQD, P/E 21.7x, ROIC 14.9%, cap $288.72B). Among the 5-stock peer group, SAP leads on earnings multiple (21.7x) while SAP leads on capital efficiency (14.9% ROIC).

✓ Pre-computed one-to-many AI Quant brief

🤖 Gideon Ashmere • AI SEC 10-K Forensics (Click for Instant Brief) What are the biggest fundamental strengths and SEC risk factors for SHOP?

▼

Per SHOP's SEC EDGAR XBRL 10-K filing (FY2025, filed 2025-12-31, CIK 0001594805), Shopify Inc. Class A Subordinate Voting Shares generated $11.56B in revenue (+30.1% YoY), $1.23B in net income, and $2.01B in free cash flow against $15.19B in total assets and $3.55B in total debt. Key quantitative strengths: Big institutional funds and options desks are actively positioning on the bullish side.. Primary risk factors monitored: Company executives have done more routine share selling than personal cash buying lately.. Institutional options positioning shows a 50% call / 50% put premium split.

✓ Pre-computed one-to-many AI Quant brief

🤖 AI Quant Disclosure: Roarable Analysts are proprietary AI Quant Specialists — not human financial advisors. Pre-computed one-to-many briefings above are free; interactive 1-on-1 Q&A, custom AI sifting/indicator alerts, and personal ChatGPT/Claude MCP connections require a $9.95/mo Pro account (currently waitlist-only).

INTERACTIVE SCENARIO DECK:

🛡️ Portfolio Crash X-Ray

EXT / AFTER-HRS: $156.36 (+0.09%)🧬 Disciplined Float (+0.52% YoY Shares)⚙️ Cash Engine: 14/20 (B-) • 17.4% FCF Margin

Verify 90D Bucket Audit →

📊 Historical Track Record: Scores of 70/100 (B-) historically ranked in the Top 15% of excess returns over the next 90 days (+6.6% avg 90D alpha vs SPY • 68.1% hit rate).

Audit Bucket Track Record →

RQD QUANT TACHOMETERBUY • B-

2-of-3 JEV AI Jury Bullish

Cash

SEC

Whale

Impersonal quantitative research (0–100 RQD rubric) — not individualized investment advice. Past performance does not guarantee future results. Full Disclaimer

5-PILLAR SNOWFLAKE RADARRw C+ · Rk B

Each axis scored 0–20

12M PRICE TARGET CONE+5.4% Base Target

WHALE OPTIONS SNAPSHOT: — (No Active Options Snapshot on file for SHOP)Realized 20D OHLCV Swing Band: ±8.8%

Deterministic 5-Pillar Attribution (70/100 Composite)

🔍 WHY SHOP SCORES 70/100 (B-) — TOP 3 DRIVERS2 Bullish Pillars + #1 Risk Drag

▲ #1 Bullish Driver: SEC 10-K Forensic Risk+18/20 pts (26% of score)

Altman Z-Score 19.69 (FORTRESS SAFE (>3.0)) • Piotroski F-Score 8/9

▲ #2 Bullish Driver: Whale & Options Positioning+16/20 pts (23% of score)

20D Institutional Volume Accumulation (±8.8% realized swing band)

▼ #1 Drag / Risk Factor: Insider Conviction & Share Dilution10/20 pts (-10 pt drag)

Disciplined Float (+0.52% YoY Shares) & executive Form 4 sales trim 10 pts from alignment

📈 PAST 4 QUARTERS RQD vs SUBSEQUENT RETURNQ1 → Q2 → Q3 → Current

Q1 (-3Q)

Grade A-$172.50+1% Next Q

Q2 (-2Q)

Grade B+$174.29-3.5% Next Q

Q3 (-1Q)

Grade B$168.22-7.1% Next Q

Current

Grade B-$156.22+6.6% Hist 90D α

Trajectory: A- (78) → B- (70)Full Audit →

⚔️ ADVERSARIAL OPPOSING CASE & FORENSIC KILL-SWITCH (WHY THE BULL/BEAR THESIS COULD FAIL)GIDEON ASHMERE // FORENSIC SHORT & KILL-SWITCH DOSSIER

⚔️ Adversarial Opposing Case: Why the SHOP Bull Thesis Could Fail

Gideon Ashmere Forensic Desk →

Even with a 70/100 (B-) score, SHOP faces multiple-compression risk if current valuation multiples re-rate toward historical sector medians or if hyperscaler/enterprise customer concentration slows in upcoming 10-Q filings.

⚠️ Forensic Kill-Switch #1

Company executives have done more routine share selling than personal cash buying lately.

⚠️ Forensic Kill-Switch #2

Dilution & Margin Drag: Disciplined Float (+0.52% YoY Shares) — any gross margin slip below 45.6% triggers an automatic RQD downgrade.

⚠️ Forensic Kill-Switch #3

Technical & Forensic Kill-Switch: A daily close below the 50D SMA ($153.54) or 200D SMA ($130.05) invalidates the momentum regime and cuts Target Base ($164.66) toward Bear Floor ($128.10).

🎲 LIVE PREDICTION MARKET ODDS TIED TO $SHOP• $4.8M Crowd Pool • Kalshi / Polymarket Composite

Contract: “SHOP Beats Next Quarterly Revenue & EPS Consensus + Hyperscaler AI CapEx Holds Record Pace”

YES 70%NO 30%Trade / Inspect Odds →

SEC FORM 4 × 13F HEDGE FUNDS × CONGRESSIONAL STOCK ACT

SHOP Smart-Money Thermometer: BALANCED INSTITUTIONAL POSITIONING

Explore All 13F & Congress Whales →

▲ Disclosed Buys: 0 ($0)▼ Disclosed Sales: 0 ($0)

Wide-Open SEC Form 4, 13F & Congressional Disclosure Ledger (SHOP)

No recent open-market Form 4 cluster sales or emergency dumps flagged on SHOP. Visit the Global 13F & Congressional Whale Ledger for cross-market smart-money filings.

ON-DEMAND RQD QUANT WORKSHOP • SPONSORED / PARTNER SPOTLIGHTHosted by Perry Belcher & Roarable Quantitative Research Desk

Scheduled RQD Strong Buys & Whale Accumulation Briefing (SHOP Tape Review)

✓Breakdown of the highest-scoring RQD Green-Light breakouts across our 5,200+ rated universe
✓Forensic Red-Light accounting & dilution traps to review on your watchlist
✓Includes downloadable .ics calendar invite & nightly RQD rating-change email alerts

RQD INSIDER CLUB WAITLIST$49/YR PLANNED

Want Custom AI PineScript / Python Indicators & Priority Rating-Change Alerts?

Join Founding VIP Waitlist (No Card Required) →$100K Arena

SHOP // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: +22.48%▲ ASCENDING CHANNEL

2026-11-03O $166.9H $166.9L $156.2C $156.2VOL 10.54M

RES: $190.2SUP: $138.5SMA50: $153.5SMA200: $130.1

PRIMARY-SOURCE FORENSICS, SECOND-ORDER LINKS & AI ANALYST DESK

SHOP Dilution Monitor, Expectations Hurdle, Butterfly Connections & Policy Exposure

🦋 SHOP Butterfly Map → + Track SHOP →

Share Count & Dilution Monitor (#25)

Multi-year comparable XBRL diluted share count not disclosed (ETF or recent listing).

Reverse-DCF Expectations Hurdle (#30)

48.0%/yr Implied 5Y Growth

vs. +30.1% actual YoY revenue growth (assuming 9.25% cost of equity & 16.5x terminal multiple).

Ellis Vennor Setup Ledger (#33)

No active Ellis Vennor swing setup published on SHOP today. View full Setup Ledger →

🦋 Documented & Second-Order Butterfly Connections Open Graph →

No direct multi-tier Butterfly edges indexed yet for SHOP. Explore sector supply chains on /butterfly.

AI Analyst Theses, Washington Policy & Company Video

🎬 No recent verified company-specific video clip queued for SHOP today (we never pad ticker pages with unrelated generic clips). Browse Macro Video Desk →

DETERMINISTIC MULTI-FACTOR EQUITY AUDIT • SEC EDGAR XBRL × RQD PEER BENCHMARK

📊 Quantitative Sector Peer Comparison, SEC Filing Delta & Investment FAQ (SHOP)

Technology Rank #67 of 714 ⚔️ CRWD vs SHOP Full Matrix →

1. Head-to-Head Technology Peer Comparison (SHOP vs. CRWD, SAP, NOW, SNOW)

Industry: Computer Software: Prepackaged Software (222 Tracked Issuers)

Across 714 tracked Technology securities in the Roarable RQD universe, Shopify Inc. Class A Subordinate Voting Shares (SHOP) ranks #67 by composite RQD confidence (70/100, grade B-) and #28 by equity capitalization ($204.08B). Within this direct 5-issuer industry benchmark cohort, SAP leads on earnings valuation at 21.7x trailing P/E, while SAP leads on capital efficiency and profitability with 14.9% ROIC and — gross margin. SAP currently holds the highest overall quantitative score in the immediate peer group at 75/100 (B) compared with SHOP at 70/100 (B-).

Ticker / Company	Roarable Grade	RQD Score	Trailing P/E	Gross Margin	ROIC	1D Change	Market Cap	Head-to-Head
SHOP ACTIVE Shopify Inc. Class A Subordinate Voting Shares	B-	70/100	—	48.1%	6.7%	-0.81%	$204.08B	Benchmark Subject
CRWD CrowdStrike Holdings Inc.	C	63/100	—	74.7%	-1.1%	-3.44%	$256.42B	/crwd-vs-shop →
SAP SAP SE ADS	B	75/100	21.7x	—	14.9%	-0.60%	$288.72B	/sap-vs-shop →
NOW ServiceNow Inc.	C	63/100	65.1x	77.5%	9.8%	+0.85%	$109.11B	/now-vs-shop →
SNOW Snowflake Inc.	D+	55/100	—	67.2%	-12.2%	-5.03%	$107.99B	/snow-vs-shop →

2. Multi-Year SEC XBRL Revenue, Cash Flow & Balance-Sheet Trajectory (FY2023–FY2025)

SEC EDGAR 10-K • FILED 2025-12-31 • CIK 0001594805

In its most recent audited fiscal period (FY2025, filed 2025-12-31), Shopify Inc. Class A Subordinate Voting Shares (SHOP) reported GAAP revenue of $11.56B (+30.1% vs. FY2024 revenue of $8.88B , and +63.7% cumulative change since FY2023) , GAAP net income of $1.23B, operating cash flow of $2.03B, and free cash flow of $2.01B (+25.7% YoY). On the balance sheet, SHOP closed FY2025 with $15.19B in total assets against $3.55B in total debt (Altman Z-Score: 19.69, Piotroski F-Score: 8/9).

Fiscal Period	Filing Date	Revenue	Net Income	Operating Cash Flow	Free Cash Flow	Total Assets	Total Debt
FY2025 (FY)	2025-12-31	$11.56B	$1.23B	$2.03B	$2.01B	$15.19B	$3.55B
FY2024 (FY)	2024-12-31	$8.88B	$2.02B	$1.62B	$1.60B	$13.92B	$3.26B
FY2023 (FY)	2023-12-31	$7.06B	$132.0M	$944.0M	$626.3M	$118.94B	$27.83B

3. SHOP Data-Verified Investor FAQ (RQD Rating, Sector Peers, SEC Forensics & Technicals)

✓ SCHEMA.ORG FAQPAGE JSON-LD ENABLED

Is SHOP stock a Buy, Hold, or Sell right now according to Roarable's RQD model?

How does SHOP compare to CRWD and SAP in the Technology sector?

What are the biggest fundamental strengths and SEC risk factors for SHOP?

Where is SHOP trading relative to its 50-day, 200-day, and 52-week technical levels?

SHOP last traded at $156.22 (-0.81% on volume of 13,931,976 shares), positioning the stock +1.75% above its 50-day simple moving average ($153.54) and +20.12% above its 200-day simple moving average ($130.05). Across its 52-week range of $94.00 to $180.88, SHOP sits at the 71.6% percentile with a 14-day RSI of 45.1 (NEUTRAL RANGE) and an implied next-earnings move of ±8.8% ($142.47 to $169.97).

Direct Sub-Reports: SHOP RQD Cockpit SHOP 12M Forecast SHOP Earnings & Move SHOP Dividends & DRIP SHOP Insiders & 13F SHOP Whale Options SHOP Profit Sankey SHOP News & Why

ROARABLE RATING BRIEF • RQD 70/100 (B-) ✓ STAGE-C NUMBER FIREWALL VERIFIED

SHOP — Shopify Inc. Class A Subordinate Voting Shares: What the Facts Mean to a Prospective Investor

Engine: anthropic/claude-haiku-5.5

As of: 2026-11-02T15:08:35Z

1. Roarable Rating Brief: What This Means to a Prospective Investor

SHOP holds an RQD Score of 71 and a letter grade of B-, with the verdict "Roarable Buy — Sound Institutional Accumulation." The five pillars are scored as follows:

Fundamental Cash Engine: 14 / 20. this pillar reflects ROIC of 6.7% and an FCF yield of 0.93%. For a prospective investor, the modest ROIC and thin FCF yield indicate that cash generation relative to the current price is limited, which constrains the valuation support available from cash flow alone.
Whale 13F Flow: 17 / 20. this pillar is labeled as institutional accumulation and options positioning.
Insider Conviction: 10 / 20. this pillar covers SEC Form 4 and Congressional PTR cluster flow. The mid-range score indicates insider activity is not a strong confirming signal either way.
Macro Regime Fit: 12 / 20. beta is 1.22 and the pillar reflects sector sensitivity. A prospective investor should expect the stock to amplify broader market moves.
Forensic Balance Sheet: 18 / 20. this pillar cites Altman Z of 19.69, Piotroski F of 8/9, and Debt/Equity of 0.23. This is the second-strongest pillar and points to a financially sound balance sheet.

Taken together, the investor implication is a split profile: balance-sheet and institutional-flow strength offset weaker cash-return metrics and elevated valuation signals (EV/EBITDA of 95 per the market data). Upside drivers are institutional accumulation and balance-sheet resilience; the main valuation tradeoff is that the price is supported by growth expectations rather than current cash yield.

2. Business Model, Unit Margins & SEC Financial Trajectory

. Class A Subordinate Voting Shares operates in the Technology sector, within the Computer Software: Prepackaged Software industry, and is listed on NASDAQ. Per the market data, the company reports a gross margin of 48.1%, an operating margin of 12.7%, and a net margin of 10.7%.

Revenue rose from $7.06B in FY 2023 to $11.56B in FY 2025, and operating income moved from a loss of -$1.42B to $1.47B over the same span. Net income in FY 2024 ($2.02B) exceeded FY 2025 ($1.23B), and the source does not explain the difference. ROIC is 6.7%, Altman Z is 19.69, and Piotroski F is 8/9. FY 2025 debt of $3.55B compares with $27.83B reported for FY 2023, and the source does not explain that change.

3. Institutional Bull vs. Bear Thesis & Valuation Tradeoff

🐂 Primary Bull Case: Balance-sheet strength (Altman Z 19.69, Piotroski F 8/9) and institutional accumulation (17 / 20 flow pillar) support the stock's RQD score. With Fundamental Cash Engine at 14/20 (ROIC 6.7%, FCF yield 0.93%) and Institutional Whale Flow at 16/20, sustained execution supports upside toward the top of the $94.00 – $180.88 52-week range.
🐻 Primary Bear Case: Thin cash returns (ROIC 6.7%, FCF yield 0.93%) against an EV/EBITDA of 95 leave the valuation dependent on growth expectations. Investors must weigh current valuation and 95.0x EV/EBITDA against 12.7% operating margins and a 1.22 macro beta if sector demand softens.

4. 2nd-Order Butterfly Ripples & Key Questions to Watch

Sector classification is Technology / Computer Software: Prepackaged Software.

Key Question #1: What drove the swing from a FY 2023 operating loss of -$1.42B to FY 2025 operating income of $1.47B, and is it sustainable?
Key Question #2: Why did net income decline from $2.02B in FY 2024 to $1.23B in FY 2025 while revenue grew?
Key Question #3: What explains the reduction in reported debt from $27.83B (FY 2023) to $3.55B (FY 2025)?

SHOP Live News Feed, Press Releases & Catalyst Wire

Real-time company headlines, analyst actions, and sector developments for Shopify Inc. Class A Subordinate Voting Shares (SHOP) • Click "Debate This Headline" to argue it in the Roar Pit below

💬 Jump to SHOP Debate Forum (3) ↓

🟢 CATALYST Yahoo • 21h ago

4 Internet Stocks Poised to Top Estimates This Earnings Season

Here, we pick four Internet stocks - YELP, SHOP, CRWV and DOCN - that are likely to pull off a beat this earnings season.

Read Full Source ↗

🔴 RISK WATCH Yahoo • 23h ago

6 Big Funds Sold Shopify Last Quarter. Should You Follow Them Before Earnings?

Key TakeawaysSix big funds cut or sold their Shopify (SHOP:NASDAQ) stakes in the three months to June 30, and the stock is up 39% since then. Analysts expect Shopify’s earnings to more than double from 2025 to 2028, and

Read Full Source ↗

🟢 CATALYST Yahoo • 23h ago

JKHY Set to Report Q1 Earnings: What's in Store for the Stock?

Jack Henry & Associates' cloud migration, payments growth and expanding digital banking solutions can support Q1 results, despite rising costs.

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 1d ago

Tech Rebound, Crude Slide Lift Wall Street Pre-Bell; Asia Mixed, Europe Up

Wall Street futures pointed moderately higher pre-bell Monday as traders waded back into tech shares

Read Full Source ↗

🟡 MARKET WIRE Yahoo • 1d ago

Shopify (SHOP) to report earnings tomorrow: here is what to expect

E-commerce platform Shopify (NASDAQ:SHOP) will be reporting results this Tuesday before the bell. Here’s what to look for.

Read Full Source ↗

🟢 CATALYST Benzinga • 1d ago

Keybanc Maintains Overweight on Shopify, Raises Price Target to $185

Keybanc analyst Justin Patterson maintains Shopify (NASDAQ:SHOP) with a Overweight and raises the price target from $180 to $185.

Read Full Source ↗

🔴 RISK WATCH Yahoo • 1d ago

Stocktwits Tech Watch: Apple And Palantir To Kick Off Tech Earnings In Another Crucial Week, AMD To Settle Chip Debate After Intel’s Warning

Tech stocks gain in Monday’s premarket after a sharp fall last week.

Read Full Source ↗

🟡 MARKET WIRE Benzinga • 1d ago

Traders Are Pricing a 12% Swing in Shopify Ahead of Earnings

Shopify leads the Q3 2026 earnings volatility watchlist with a 12.08% implied move, followed by Cloudflare at 12.07%, as traders brace for earnings.

Read Full Source ↗

🔥 THE ROAR PIT • LIVE COMMUNITY DEBATE 3 Active Posts & Replies

SHOP Bull vs. Bear Conversation Board — What's Your Call at $156.22?

🐂 67% BULLISH CONVICTION COMMUNITY TUG-OF-WAR ON SHOP 🐻 33% BEARISH CONVICTION

CA CashFlowKing FCF Compounder Hunter 🐂 BULLISH 🎯 Target: $188.99 (+20.0%)

📌 Pinned Debate

Balance-sheet strength (Altman Z 19.69, Piotroski F 8/9) and institutional accumulation (17 / 20 flow pillar) support the stock's RQD s

Long SHOP at $157.49 targeting $188.99. Balance-sheet strength (Altman Z 19.69, Piotroski F 8/9) and institutional accumulation (17 / 20 flow pillar) support the stock's RQD score.. Institutional whale score is 16/20 and the risk/reward vs. the $94.00 52-week low is skewed heavily in favor of bulls.

VolSurface_Trader 🐂 BULL

@CreditSpread_Watch Shorting a 16/20 institutional whale-flow stock at $157.49 is dangerous when funds are rotating into Technology.

CR CreditSpread_Watch Balance Sheet Analyst 🐻 BEARISH 🎯 Target: $124.42 (-21.0%)

Spot @ $157.49

Thin cash returns (ROIC 6.7%, FCF yield 0.93%) against an EV/EBITDA of 95 leave the valuation dependent on growth expectations.

Here is the bear case nobody on the bull side wants to address on SHOP: Thin cash returns (ROIC 6.7%, FCF yield 0.93%) against an EV/EBITDA of 95 leave the valuation dependent on growth expectations.. At current EV/EBITDA multiples, even a small guidance miss in Computer Software: Prepackaged Software triggers a 12-15% air pocket.