In Monday's early morning trading session, shares are rallying 3.07% to $32.28.
Shopify, which provides a cloud-based commerce platform for small and medium-sized businesses, "leads the industry in both breadth of platform functionality, product scalability and customer loyalty," according to the analysts note.
The company reduces the barriers to entry for merchants and even speeds time to market, allowing even the smallest merchants to set up and operate e-commerce websites, analysts added.
Additionally, the platform's multi-tenant architectures can handle significant spikes in traffic, as much as 10,000 requests per second, the firm noted.
Analysts expect the company to continue growing for several years.