Shopify Advances as StoneX Reiterates Buy Rating

Shopify rose 3.45% intraday after StoneX reiterated its Buy rating on the company. The broker highlighted remarks delivered on 1 September by Shopify Chief Operating Officer Jess Hertz regarding artificial intelligence commerce trends.

COO Jess Hertz stated that agent-referred traffic using Shopify Catalog data converts at twice the rate of traffic reliant on scraped web data. Hertz also noted that 75% of AI-attributed orders in the prior quarter came from categories outside Shopify's 100 largest. While agentic gross merchandise volume remains small, nearly 90% of quarterly revenue continues to come from merchants on the platform for more than a year.

StoneX said this structured catalog data helps improve sales conversion while broadening demand across product categories. The broker noted that this data supports Shopify's efforts to serve as the underlying commerce and merchant-of-record layer across various AI interfaces.

Shopify has kept its headcount flat for more than eight quarters while revenue grew 34%. Over the trailing twelve months, the company generated $13.27 billion in revenue with a gross margin near 48%.