Shopify Inc. (NASDAQ: SHOP, TSX: SHOP) is edging higher again today, with investors digesting a wave of fresh institutional filings, new analyst coverage, and ongoing regulatory headlines around the e‑cigarette market. As of early afternoon on November 25, 2025, Shopify’s U.S. shares trade around $156.9, up just over 1% on the day, while the Canadian listing sits near C$221. [1]
Below is a full rundown of all major Shopify stock news published today (25.11.2025), plus the broader context investors are watching.
Shopify stock price today: November 25, 2025 snapshot
According to Shopify’s own investor relations site, at about 1:07 p.m. ET on November 25, 2025: [2]
- NASDAQ: SHOP
- Price: $156.89
- Change: +1.58 (+1.01%)
- Intraday range: $151.38 – $158.31
- Previous close: $155.31
- 52‑week range: $69.84 – $182.19
- Volume: ~4.4 million shares (mid‑session)
- TSX: SHOP
- Price: C$221.16
- Change: +C$2.02 (+0.92%)
- Intraday range: C$213.79 – C$223.11
- 52‑week range: C$99.32 – C$253.10 [3]
Over the past 12 months, Shopify has rallied more than 40%, and its year‑to‑date total return is around 46%, far outpacing the broader market. [4]
The stock now trades roughly 14% below its all‑time high around $182, set in late October. [5]
Today’s new Shopify headlines (November 25, 2025)
1. Fresh 13F filings show active institutional trading in Shopify
A cluster of new U.S. SEC 13F‑related articles hit the wires today, highlighting how large investors adjusted their Shopify positions in recent quarters:
- Charles Schwab Investment Management Inc.
- Increased its Shopify stake by 2.6% in Q2.
- Now owns about 2.62 million shares, worth roughly $301.9 million, representing around 0.20% of Shopify’s equity. [6]
- Aviso Financial Inc.
- Boosted its holdings by 11.8%, to 42,879 shares valued at about $4.95 million. [7]
- Entropy Technologies LP
- Took a new position of 4,721 shares, worth approximately $545,000. [8]
- AlphaCore Capital LLC
- Opened a new Shopify stake of 2,200 shares (about $254,000). [9]
- Cornerstone Capital Inc.
- Trimmed its holding by 3.4%, selling 9,445 shares in Q2.
- Still holds 270,918 shares valued around $31.25 million, making Shopify its 7th‑largest position, at roughly 3.3% of its portfolio. [10]
- Dynamic Technology Lab Private Ltd
- Cut its Shopify position by 57.6%, selling 5,496 shares and retaining 4,053 shares worth about $468,000. [11]
Across these filings, one consistent datapoint stands out: approximately 69% of Shopify’s float is now in institutional hands, underlining how central SHOP has become in growth‑ and tech‑focused portfolios. [12]
What it means:
Today’s filings don’t show a one‑way bet — some funds are taking profits after a big run, while others are initiating or adding positions. But the sheer breadth of institutional activity, along with the fact that multiple firms still count Shopify among their top holdings, supports the narrative that SHOP remains a core name in high‑growth equity strategies.
2. BNP Paribas Exane initiates coverage on Shopify
Another notable development today: BNP Paribas Exane has initiated coverage of Shopify. According to a report summarized by DefenseWorld: [13]
- BNP Paribas Exane begins coverage with a “neutral” rating.
- The note references Shopify’s Q3 2025 earnings, where the company delivered:
- The bank highlights Shopify’s net margin of ~16.7% and return on equity of ~11.7%, with full‑year EPS expected near $1.12. [16]
Takeaway:
BNP Paribas Exane is not pounding the table with a buy, but adding another major global bank to Shopify’s analyst roster reinforces how widely followed the name has become. A neutral rating with an earnings‑growth narrative suggests the firm sees the fundamentals as strong but largely reflected in the current price.
3. Analysts keep lifting price targets toward $200
While the target hikes themselves came earlier in November, news roundups published today are resurfacing them as key drivers of sentiment:
- CIBC raised its Shopify price target from $185 to $200 on November 5 and reiterated an “Outperform” rating, citing stronger‑than‑expected Q3 revenue and cash‑flow trends. [17]
- Other bullish moves in recent weeks:
- Consensus picture (varies by source):
- MarketBeat sees a consensus target of about $163.9 and a headline rating of “Hold”, with 22 Buy and 24 Hold recommendations. [20]
- TipRanks data shows a more bullish tilt: an average 12‑month target around $179.6, with a high of $200 and a low near $140, based on 27 analysts (17 Buy, 10 Hold, 0 Sell). [21]
What it means:
Even after a big run, Wall Street still expects mid‑teens to low‑20% upside over the next year on average. But the split between “Hold” and “Moderate Buy” labels shows that valuation — not growth — is the main sticking point.
The fundamental backdrop: Shopify’s Q3 2025 earnings and Q4 outlook
Today’s headlines are very much a continuation of the story that started on November 4, when Shopify reported Q3 2025 results.
Revenue, profits, and growth
From Shopify’s official Q3 release: [22]
- Revenue growth:
- Total Q3 revenue rose 32% year‑over‑year, a “beat across the board” relative to consensus.
- Merchant solutions and subscription revenue both contributed, with particularly strong growth in merchant solutions.
- Gross merchandise volume (GMV):
- GMV reached roughly $92 billion, up 32% year‑over‑year, highlighting robust activity on the platform. [23]
- Profitability:
- Non‑GAAP EPS of about $0.27 versus expectations around $0.24. [24]
- Free cash flow margin hit approximately 18%, marking the ninth straight quarter of double‑digit FCF margin. [25]
- Gross margin declined to about 48.9% from 51.7% a year earlier, largely due to higher operating expenses, especially AI and marketing investments. [26]
- Spending and margins:
- Operating expenses jumped roughly 25–26%, driven by AI‑related R&D and stepped‑up marketing. These costs pulled net income down to around $264 million from $828 million a year earlier, even as revenue grew strongly. [27]
Q4 2025 outlook
Shopify’s management struck a confident tone heading into the all‑important holiday quarter: [28]
- Q4 revenue is expected to grow at a “mid‑ to high‑twenties” percentage rate year‑over‑year, ahead of earlier Wall Street estimates around 23–24%.
- Gross profit dollars are projected to grow in the low‑ to mid‑twenties.
- Operating expenses are guided to about 30–31% of revenue.
- Management expects free cash flow margin in Q4 to be slightly above Q3’s 18%.
Strategic theme: AI, enterprise, and international expansion
Much of the ongoing analyst enthusiasm centers on Shopify’s push deeper into AI and enterprise commerce: [29]
- The AI assistant Sidekick is increasingly positioned as a core interface for merchants, automating workflows like discount setup, reporting, and content creation.
- Shopify is making headway with larger brands, citing names like Estée Lauder, SKIMS, Aldo, and others as examples of “up‑market” wins.
- International markets — particularly Europe — contributed significantly to GMV growth, now accounting for a growing share of revenue.
Bottom line on fundamentals:
The growth engine is clearly intact — 32% revenue growth at Shopify’s scale is rare. The trade‑off is margin pressure and an already rich valuation, which helps explain why the stock fell after earnings despite headline beats, and why some analysts remain cautious. [30]
New regulatory pressure: attorneys general target e‑cigarette sales on Shopify
While not dated today, a bipartisan regulatory push that broke yesterday (November 24) is still weighing on risk discussions around Shopify and is being widely syndicated in outlets today.
A coalition of 25 U.S. state attorneys general plus the City of New York has sent a letter urging Shopify to clamp down on merchants using its platform to sell illegal e‑cigarettes and tobacco products: [31]
Key points from the North Carolina and Illinois AG releases:
- Officials say they have identified more than two dozen e‑cigarette websites and roughly 200 additional illegal tobacco sellers operating on Shopify‑powered storefronts. [32]
- The AGs argue that companies like Shopify must not “sidestep” federal and state laws designed to keep nicotine products away from minors. [33]
- They are asking Shopify to:
- Tighten merchant onboarding and monitoring for tobacco‑related products.
- Enforce age‑verification rules more aggressively.
- Remove sellers that violate federal FDA rules or state‑level regulations.
So far, the coalition has not announced fines or litigation — the move is framed as a demand for stronger compliance cooperation. But it highlights a familiar platform‑risk theme: when your software powers millions of online stores, regulators increasingly expect you to police what gets sold.
For investors, the most likely impact is reputational and operational, rather than directly financial in the near term: more compliance staff, better monitoring tools, and higher internal costs to ensure illegal products are removed quickly. Longer term, however, sustained regulatory scrutiny can affect how aggressively Shopify monetizes certain categories.
Valuation and risk snapshot
Between the institutional flows and analyst optimism, it’s easy to forget how expensive Shopify already is.
From Barchart and recent earnings data: [34]
- Share price: About $157 (U.S.) mid‑session.
- Market cap: Roughly $190–200 billion, depending on the source.
- Trailing EPS: Around $1.35–1.36 per share.
- Trailing P/E: In the 110–120x range.
- PEG ratio (P/E to growth): Roughly 5.4, indicating the stock trades at a rich multiple even when growth is factored in. [35]
- Beta: About 2.7–3.0, meaning the stock is significantly more volatile than the broader market. [36]
From a price‑target perspective, analysts as a group see moderate upside from here, but not a huge margin of safety: [37]
- Average targets cluster in the $165–$180 range.
- High‑end targets from firms like CIBC, RBC, KeyBanc, and Oppenheimer sit at $200.
- Low‑end forecasts drop back toward $140–$150.
Key risks to watch:
- Execution risk on AI and enterprise:
Shopify is spending heavily to embed AI across the platform. If merchants don’t see a payoff, investors could sour on the spending spike. [38] - Margin pressure:
Gross margin already dipped from the low‑50s to the high‑40s, and operating expenses are running hot to fuel growth. [39] - Regulatory and reputational risk:
The e‑cigarette crackdown letters highlight how quickly Shopify can be pulled into regulatory conversations, even when it isn’t the seller of record. [40] - Macro and tariffs:
Reuters notes that Shopify’s merchants are navigating U.S. tariffs and consumer fatigue, even as demand remains solid. A deteriorating macro environment could hit GMV growth. [41]
What today’s news means for Shopify stock
Putting the pieces together:
- Price action: Shopify is grinding higher today, up around 1%, extending a strong year but still below late‑October highs. [42]
- Institutional flows:
- Several funds trimmed positions, likely locking in gains.
- A comparable number initiated or added to positions.
- Overall institutional ownership remains very high (~69%), which tends to amplify both downside and upside moves when sentiment swings. [43]
- Analyst sentiment:
- New coverage from BNP Paribas Exane adds to a crowded bench of analysts.
- Multiple firms have converged on $200 as a “blue‑sky but plausible” 12‑month target. [44]
- Depending on the data provider, the street calls Shopify anything from “Hold” to “Moderate Buy”, reflecting a split between valuation skeptics and growth bulls. [45]
- Fundamentals:
- Underneath, Shopify continues to deliver 30%‑plus growth, expanding internationally and moving up‑market, while maintaining healthy free‑cash‑flow margins. [46]
- The trade‑off is compressed gross margins and higher spending, especially around AI.
- Regulatory storyline:
- The e‑cigarette letter is unlikely to change Shopify’s growth trajectory on its own, but it reinforces a theme: as the platform grows, compliance expectations grow with it. [47]
For investors watching Shopify today
Without making any recommendation to buy, hold, or sell, here’s how many observers might frame Shopify after today’s news:
- Bullish narrative:
- Shopify is a global leader in e‑commerce infrastructure with GMV and revenue still growing north of 30%. [48]
- Free‑cash‑flow margins are already in the high teens, with guidance implying room for further expansion. [49]
- Multiple tier‑one banks now target $200 per share, implying double‑digit upside from current levels. [50]
- Cautious narrative:
- At more than 100x trailing earnings, Shopify leaves little room for macro, regulatory or execution missteps. [51]
- Regulatory noise around tobacco and e‑cigarettes, while manageable, highlights the platform’s exposure to third‑party behavior. [52]
- Institutional crowding means the stock could be volatile if sentiment turns.
As always, anyone considering Shopify stock should weigh these factors against their own risk tolerance, time horizon, and diversification needs, and consult a qualified financial professional before making investment decisions.
References
1. shopifyinvestors.com, 2. shopifyinvestors.com, 3. shopifyinvestors.com, 4. www.barchart.com, 5. www.tradingview.com, 6. www.marketbeat.com, 7. www.marketbeat.com, 8. www.marketbeat.com, 9. www.marketbeat.com, 10. www.marketbeat.com, 11. www.marketbeat.com, 12. www.marketbeat.com, 13. www.defenseworld.net, 14. www.marketbeat.com, 15. www.marketbeat.com, 16. www.marketbeat.com, 17. finance.yahoo.com, 18. www.marketbeat.com, 19. news.moomoo.com, 20. www.marketbeat.com, 21. www.tipranks.com, 22. www.shopify.com, 23. www.reuters.com, 24. www.marketbeat.com, 25. www.shopify.com, 26. www.reuters.com, 27. www.reuters.com, 28. www.shopify.com, 29. www.reuters.com, 30. www.reuters.com, 31. ncdoj.gov, 32. ncdoj.gov, 33. ncdoj.gov, 34. www.barchart.com, 35. www.marketbeat.com, 36. www.marketbeat.com, 37. www.marketbeat.com, 38. www.reuters.com, 39. www.reuters.com, 40. ncdoj.gov, 41. www.reuters.com, 42. shopifyinvestors.com, 43. www.marketbeat.com, 44. www.defenseworld.net, 45. www.marketbeat.com, 46. www.shopify.com, 47. ncdoj.gov, 48. www.shopify.com, 49. www.shopify.com, 50. www.marketbeat.com, 51. www.marketbeat.com, 52. ncdoj.gov
