Sumary of Shopify Stock Hits a New High:
- Dreamstime Shopify stock surged to a new high Thursday, as Wall Street ratchets up expectations for the company’s June quarter earnings, coming next week.
- Scrambling to keep up with the surging share price, Wall Street analysts are lifting their targets on the stock.
- In the March quarter, the company posted revenue of $988.6 million, up 110% from a year earlier, and more than $100 million ahead of Street expectations—the surge in the stock price in recent weeks suggests investors expect another blowout.
- He thinks the European push can fuel growth in the company’s customer count — and that has spurred the analyst to boost his 2022 and 2023 revenue forecasts.
- Roth Capital analyst Darren Aftahi likewise repeated his Buy rating, while boosting his price target to $1,750, from $1,530. Aftahi writes that his current model for the quarter calls for 34% growth in gross merchandise value, but that a proprietary survey of Shopify merchants suggests the figure could come in above 50%.