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Shopify Stock Price Could Hit New All-Time High

Shopify (NYSE: SHOP) stock price has been receiving substantial investors confidence over the past few years. This is due to its solid executing along with the increasing market share in the digital commerce industry.

Shopify stock price rose more than 170% since the start of this year; the stock is up close to 1300% in the past five years. Investor’s confidence in its financial numbers and future fundamentals has pushed its stock price to an all-time high of $400 last week.  Despite the rally, market pundits believe Shopify stock price is well set to extend the upside momentum in the days to come.

SHOP Shopify Inc. daily Stock Chart

Oppenheimer analyst says, “We found the company’s product updates, new developer tools and the overall commentary on the digital commerce and consumer experience strategy, trends and opportunities, as positives.”

The company has generated revenue growth of 48% year over year to $362.0 million in the second quarter. Its subscription solutions revenue grew 38% year over year to $153.0 million while merchant solutions revenue jumped by 56%, to $208.9 million. It is recently included in the list of top ten largest publicly-traded companies in Canda.

Our strong performance in the second quarter reflects the success of our ongoing activities and investments to help merchants start selling, sell more, and sell globally,” said Amy Shapero, Shopify’s CFO.

The company has also converted robust revenue growth into big profits. Its adjusted net income for the second quarter stood around $0.14 per share, higher from adjusted net income of $0.02 per share in the previous year quarter. The company expects to generate full-year revenue in the range of $1.53 billion, significantly higher from revenue of $1.07 billion in 2018. The adjusted earnings are likely to remain positive in 2019.

Robust revenue growth clearly indicates that consumers have been appreciating its innovative products and services. On the back of future fundamentals and recent financial numbers, Shopify stock price has strong upside potential with limited downside risk.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.