Publish date:

Shopify Shares Hit Record High Amid Analysts Bullishness

Shopify, a leading e-commerce platform, recently traded at $1,588 a share, up 1%. It hit an all-time peak of $1,602.57 earlier Thursday.

Shopify  (SHOP) - Get Report shares rose Thursday, hitting a record high as analysts offered bullish commentary and higher price targets ahead of next week’s earnings report. 

The e-commerce platform recently traded at $1,588, up 1%. It hit an all-time peak of $1,602.57 earlier Thursday. The stock has soared 33% in the past six months amid booming e-commerce.

As for the analysts, Stifel’s Scott Devitt lifted his price target to $1,600 from $1,400, keeping his buy rating.

"Shopify has a proven track record of creating products and services that generate value for merchants, and [we] expect ongoing investments will generate monetization improvements as the platform continues to scale," he wrote, according to Barron’s.

The company’s outlook for the second half of the year is important, "as it faces challenging prior year compares during a period of reopening," he said

TST Recommends

Susquehanna Financial Group’s John Coffey pushed his target price to $1,800 from $1,500, maintaining his positive rating.

Shopify’s focus on raising operating spending in Europe this year is wise, he said, according to Barron’s. That can boost the company’s roster of clients. As a result, Coffey increased his revenue forecasts for 2022 and 2023.

Earlier this month, Cathie Wood-led ARK Investment Management shed shares in Shopify and chipmaker Nvidia  (NVDA) - Get Report, shifting some of its capital into Coinbase Global  (COIN) .

Last month, on Mad Money, founder Jim Cramer talked to Shopify President Harley Finkelstein, who told him that small businesses are driving the economic recovery.

Cramer broke down how Shopify reflects larger economic changes amid the reopening.