Shopify (SHOP) - Get Report  has investors shopping in droves for the stock after the Ottawa retail-tech provider disclosed a new fulfillment network and other initiatives.

Shares of Shopify closed 0.3% higher at $328.01.

With a $1 billion, five-year investment in the network, the company will store and ship products for online merchants. Retailers will pay delivery and storage charges. To attract smaller merchants, analysts said, Shopify aims to keep those costs competitive.  (AMZN) - Get Report effect: Shopify plans to locate the key network points to optimize its ability to get products to buyers quickly.

Among other initiatives Shopify unveiled on Wednesday: redesigned point-of-sale software, and technology support for a number of new languages to enable international expansion.

Bottom line: The analysts like the moves. But some say the stock is pricey.

Piper Jaffray, Neutral, Price Target Up to $286 from $216

"[Fulfillment solves a merchant pain point and provides another avenue for incremental top-line growth," analyst Michael J. Olson said in a June 20 note. Shopify "is performing well fundamentally and making prudent moves for ongoing growth, but this is largely factored into [the] shares at this level (SHOP now up ~130% year to date)."

KeyBanc Capital Markets, Overweight, Price Target $300

"Amazon has influenced consumer online shopping expectations," analysts Josh Beck and Alex Markgraff said in a June 19 alert. The "new fulfillment network and $1 billion multiyear investment commitment are aimed at leveling the field for smaller merchants in some ways by offering convenient two-day shipping options at affordable rates."

Credit Suisse, Outperform, Price Target $275

"Management emphasized it is focused on building the best point-of-sale solution for all brick-and-mortar merchants, not just those that utilize Shopify's online platform," analysts Brad Zelnick and Bhavin Shah said in a June 19 bulletin. "Eleven new languages, translation [application programming interfaces], and [enabling] all merchants to sell in multiple currencies will lay the groundwork for future expansion of priority countries. ... The company announced new features for the [Shopify Plus e-commerce] platform that improve ease of use for merchants managing multiple storefronts."

Baird Equity Research, Outperform, Price Target Up to $360 from $269

"[As] the company rolls out large-scale improvement efforts across Plus, Merchant Solutions, Omnichannel, International, and now Fulfillment, Shopify faces heightened execution risk as it looks to efficiently allocate investments across multiple priorities," analysts Colin Sebastian, Benjamin C. Gaither and Dalton Kern said in a June 20 note. "Nonetheless, we maintain our positive view as Shopify aims to build out a complete end-to-end e-commerce operating system."

Oppenheimer, Perform, Price Target N/A

"Shopify is well led by a visionary and respected management team and [we] are confident in its multiyear growth potential," analysts Koji Ikeda and Brian Schwartz said in a June 20 update. "However, we think the good news is already priced into the stock, and current valuation multiples imply meaningful success and execution over the next several years without any slips or negative effects from lower retail consumer spend and/or a recession. We wait on the sidelines for a better entry point."

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