SHOP - Shopify Stock Just Hit a $100 Billion Milestone: Should You Buy Right Now?
2024-02-29 10:15:00 ET
Wow, what a difference a year can make. After falling close to 90% from all-time highs, Shopify (NYSE: SHOP) has roared back with a vengeance since the start of 2023, with shares up over 120% since Jan. 1, 2023, as of this writing. That is around four times the return of the S&P 500 over that same time period.
Investors are heaping praise on the Canadian technology player, and for good reason. Shopify recently passed a numerical milestone, hitting a $100 billion market capitalization, one of approximately 150 companies worldwide to pass this financial threshold.
The e-commerce platform is firing on all cylinders as merchants adopt its payment solutions and it seamlessly implements price increases. Profit margins are inflecting higher, with operating margin surpassing 10% for the first time since 2021's last quarter.
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Shopify Stock Just Hit a $100 Billion Milestone: Should You Buy Right Now?