SHOPIFY INC

Shopify Inc (ticker SHOP, CUSIP 82509L107) is the global e-commerce platform enabling independent merchants and brands to sell online and in-person via subscription software, payments, logistics, and merchant tools. Its 13F-reported institutional set is compact: eleven institutions held $2.85M in aggregate Q2 2026, a modest base relative to Shopify's market capitalization and liquidity — a reflection that many large institutional managers categorize the name within their technology or software allocation rules outside the 13F-reporting window this platform captures. The quarter's behavior was overwhelmingly one-sided: nine of eleven holders reduced their positions. Confluence Investment Management cut 484 shares (-$97K), Eastern Bank trimmed 86 shares (-$42K), and Kozak Associates reduced by 466 shares (-$43K), continuing a pattern of stepped de-risking into Shopify's post-pandemic valuation compression. MassMutual reduced by 137 shares (-$24K). The most dramatic move was Noble Wealth Management's reduction from 1,804 to 112 shares — a 1,692-share reduction that liquidated 94% of Noble's Shopify base in a single quarter and produced a valueChange of -$201K, the largest decline in the entire cohort. Only Versant Capital Management added — 170 shares and $2.6K — and Roxbury Financial opened a token new position at $11K and 100 shares. The single-solid-buyer reading against eight recognized sellers is a consistent bearish signal toward Shopify within the 13F-reporting institutional universe.