Shopify is a publicly traded company on the New York Stock Exchange (NYSE) and Toronto Stock Exchange (TSX) with the ticker symbol SHOP. As of June 2020, Shopify had a market capitalization of over $41 billion.
Shopify is a leading ecommerce platform with over one million active users in 175 countries. Shopify enables businesses of all sizes to create an online store and sell their products and services. Shopify offers a wide range of features and tools to help businesses grow and succeed online.
Shopify has been growing rapidly since it was founded in 2004. In 2019, Shopify’s revenue increased by 47% to $1.58 billion. The company’s net income also increased significantly, from $105 million in 2018 to $343 million in 2019.
Shopify’s stock has also been on a tear, rising from around $100 per share in early 2019 to over $700 per share as of June 2020. The company’s strong financial results and rapid growth have made it one of the hottest stocks on the market.
The company’s share price has been volatile in recent months, and it is important to remember that stock prices can go up and down. Anyone considering buying shares in Shopify should do their own research and speak to a financial advisor to make sure it is a suitable investment for them.
So, is Shopify a good stock to buy now?
The case for buying Shopify stock
There are several reasons why Shopify could be a good stock to buy now. First, the company is growing rapidly and is profitable. Second, Shopify has a strong competitive position in the ecommerce market. And third, the stock is still relatively undervalued compared to its growth potential.
The case for not buying Shopify stock
There are also some risks to consider before buying Shopify stock. First, the company is heavily dependent on small businesses, which are struggling during the COVID-19 pandemic. Second, Shopify competes against much larger companies, such as Amazon and eBay. And third, the stock is already up significantly from its 2019 lows and may be due for a pullback.
So, what’s the verdict? Is Shopify a good stock to buy now? There are pros and cons to consider, but overall we believe that Shopify is a good long-term investment given its strong growth prospects and competitive position in the ecommerce market.