Shares of the cloud-based commerce company rose 1.88% to $319.62 after KeyBanc Capital raised its target price to $350 from $300.
In a previous report, KeyBanc analyst Josh Beck dismissed as "overhyped" concerns about competition from rival e-commerce platform Magento.
Beck argued that Shopify can continue to grow, predicting a gain of 2%, even as Magento expands by 9%, thanks to only a limited amount of overlap between their customer bases.
"We're off to an incredible start this year, as more merchants around the globe choose Shopify to start, grow, and manage their businesses," said Amy Shapero, Shopify's chief financial officer, in an earlier press statement following the company's strong, first-quarter earnings report.
Shopify's stock price has more than doubled in the last six months, having closed at $145.44 on Jan. 8. The value of Shopify shares have grown more than tenfold since June 2016, when they were trading at $30.
Strong earnings and revenue growth has been a key factor in driving up Shopify's stock price.
The Ottawa-based e-commerce giant reported first-quarter revenue of $320 million, a 50% increase from the first three months of 2018. Gross profit rose 46%, to $180.3 million, up from $128.3 million in the first quarter of 2018.