Shopify Inc.
US ˙ NasdaqGS ˙ CA82509L1076

SecuritySHOP / Shopify Inc.
InstitutionKovack Advisors, Inc.
Latest Disclosed Ownership52,385 shares
Latest Disclosed Value $ 6,212,077
Kovack Advisors, Inc. reports 0.54% decrease in ownership of SHOP / Shopify Inc.

On May 12, 2026 - Kovack Advisors, Inc. filed a 13F-HR form disclosing ownership of 52,385 shares of Shopify Inc. (US:SHOP) valued at $6,213,909 USD as of March 31, 2026. The entity filed a previous 13F-HR/A on February 17, 2026 disclosing 52,668 shares of Shopify Inc.. This represents a change in shares of -0.54% during the quarter. The current value of the position is $5,916,362 USD.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-12 2026-03-31 13F SHOPIFY CL A SUB VTG SHS 82509L107 52,385 -283 -0.54 6,212 -26.72 0.3314
2026-02-17 2025-12-31 13F/A-1 SHOPIFY CL A SUB VTG SHS 82509L107 52,668 39,867 311.44 8,478 345.69 0.3940
2026-02-12 2025-12-31 13F SHOPIFY CL A SUB VTG SHS 82509L107 52,668 39,867 2,864
2025-11-10 2025-09-30 13F SHOPIFY CL A SUB VTG SHS 82509L107 12,801 3,251 34.04 1,902 72.75 0.1791
2025-08-04 2025-06-30 13F SHOPIFY CL A SUB VTG SHS 82509L107 9,550 4,287 81.46 1,102 119.32 0.1080
2025-05-06 2025-03-31 13F SHOPIFY CL A 82509L107 5,263 -5,290 -50.13 503 -55.26 0.0532
2025-02-05 2024-12-31 13F SHOPIFY CL A 82509L107 10,553 1,331 14.43 1,122 51.83 0.1101
2024-11-05 2024-09-30 13F SHOPIFY CL A 82509L107 9,222 3,889 72.92 739 109.94 0.0783
2024-08-05 2024-06-30 13F SHOPIFY CL A 82509L107 5,333 5,333 352 0.0388
2024-04-19 2024-03-31 13F SHOPIFY CL A 82509L107 0 -50,299 -100.00 0 -100.00
2024-02-02 2023-12-31 13F SHOPIFY CL A 82509L107 50,299 -4,694 -8.54 3,918 30.60 0.4654
2023-10-19 2023-09-30 13F SHOPIFY CL A 82509L107 54,993 -2,325 -4.06 3,001 -18.96 0.4186
2023-07-21 2023-06-30 13F SHOPIFY CL A 82509L107 57,318 5,368 10.33 3,703 48.67 0.4744
2023-04-21 2023-03-31 13F SHOPIFY CL A 82509L107 51,950 2,575 5.22 2,490 45.36 0.3395
2023-02-22 2022-12-31 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 49,375 -22,373 -31.18 1,714 -11.38 0.2505
2022-11-14 2022-09-30 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 71,748 -8,941 -11.08 1,933 -23.32 0.2839
2022-08-10 2022-06-30 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 80,689 72,694 909.24 2,521 -53.35 0.3327
2022-05-16 2022-03-31 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 7,995 -62 -0.77 5,404 -51.31 0.5551
2022-01-18 2021-12-31 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 8,057 -119 -1.46 11,098 0.12 1.0722
2021-11-03 2021-09-30 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 8,176 -23 -0.28 11,085 -7.46 1.2047
2021-07-29 2021-06-30 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 8,199 397 5.09 11,979 38.76 1.3636
2021-05-04 2021-03-31 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 7,802 251 3.32 8,633 1.01 1.1219
2021-01-14 2020-12-31 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 7,551 33 0.44 8,547 11.13 1.2301
2020-11-02 2020-09-30 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 7,518 780 11.58 7,691 20.25 1.3686
2020-07-31 2020-06-30 13F SHOPIFY CL A SUB VTG ORD ORD 82509L107 6,738 910 15.61 6,396 163.21 1.2452
2020-04-30 2020-03-31 13F SHOPIFY CL A SUB VTG ORD CL A SUB VTG ORD 82509L107 5,828 529 9.98 2,430 15.33 0.5612
2020-01-29 2019-12-31 13F SHOPIFY CL A SUB VTG ORD CL A SUB VTG ORD 82509L107 5,299 102 1.96 2,107 30.06 0.3766
2019-10-31 2019-09-30 13F SHOPIFY CL A SUB VTG ORD CL A SUB VTG ORD 82509L107 5,197 370 7.67 1,620 11.80 0.3324
2019-08-14 2019-06-30 13F SHOPIFY INC CL A CL A 82509L107 4,827 1,478 44.13 1,449 109.39 0.3312
2019-05-03 2019-03-31 13F SHOPIFY INC CL A CL A 82509L107 3,349 340 11.30 692 65.95 0.1725
2019-02-06 2018-12-31 13F SHOPIFY INC CL A CL A 82509L107 3,009 -540 -15.22 417 -28.60 0.1219
2018-10-09 2018-09-30 13F SHOPIFY INC CL A CL A 82509L107 3,549 -184 -4.93 584 7.16 0.1506
2018-08-01 2018-06-30 13F SHOPIFY INC CL A CL A 82509L107 3,733 -1,579 -29.73 545 -17.67 0.1522
2018-05-15 2018-03-31 13F SHOPIFY INC CL A CL A 82509L107 5,312 -263 -4.72 662 17.58 0.1661
2018-05-15 2017-12-31 13F/A-1 SHOPIFY CL A 82509L107 5,575 1,065 23.61 563 7.24 0.1423
2018-02-01 2017-12-31 13F SHOPIFY CL A 82509L107 5,575 563
2018-08-02 2017-09-30 13F SHOPIFY INC CL A CL A 82509L107 4,510 -2,747 -37.85 525 -16.80 0.1741
2018-08-30 2017-06-30 13F SHOPIFY INC CL A CL A 82509L107 7,257 4,012 123.64 631 185.52 0.1991
2018-09-05 2017-03-31 13F SHOPIFY INC CL A CL A 82509L107 3,245 3,245 221 0.0861
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.