Shopify Inc. (SHOP.TO) Buy, Sell or Hold

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Shopify Inc. (SHOP.TO)

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Investor Insights

Aug 3, 2026, 12:00 am

This summary was created by AI, based on 67 opinions in the last 12 months.

Shopify Inc. is perceived as a high-quality company in the e-commerce sector with strong growth potential, particularly in leveraging AI technologies. Experts highlight its recent performance, including substantial revenue growth and a competent positioning within the market. However, the company faces challenges related to its valuation, which is considered high by many analysts, with a forward PE ratio often cited around 60x and high volatility in its stock price. While there is optimism around future growth and expanding into international markets, concerns regarding AI threats and its servicing of small to medium businesses—often regarded as more volatile—cast a shadow on its overall investment appeal. Despite these challenges, many see Shopify's innovative capabilities as a key component of its long-term success, further complicated by the general market's sentiment towards tech stocks.

Consensus

Cautious

Valuation

Overvalued

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AMZN

BUY

It boasted 70-80% revenue growth in recent years, and he expects a very high 30% rate in coming years. A great company with a huge future. You can buy it here and hold for a long time. Doesn't know when the bottom is, but you can buy now.

BUY ON WEAKNESS

Covid winners have become the Covid losers. Not quite profitable. If you think it will sell more stuff and add more services in 3-5 years, now's the time to buy. He's not negative on it. Narrative is being driven by the price.

DON'T BUY

Phenomenal product for end users, with unique capabilities. Spectacular revenue growth, but will moderate this year. Fundamentals aren't strong for earnings and cashflow. May make sense to average down, but be mindful that it will be volatile. Business is still evolving. In this challenging economic environment, he'd prefer something with a more durable moat.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Can be difficult to execute the perfect timing for a purchase. Momentum is currently negative. The stock might continue to be weak for some time as portfolio managers adjust weightings and new buyers wait. $900 is considered an attractive price. Unlock Premium - Try 5i Free

BUY

Question is how much will investors pay for higher market multiples. Concern is that it gets tossed around by the market. However it is a great core holding and he has been adding a little at these levels. Recommends if buying, do so with money you don't need and in non-registered accounts.

DON'T BUY

Fantastic business and it's proven itself. Great company, but expensive based on size of its business. It might be fantastic 5 years from now, but you're guessing what the future is. The liquidity problem is not going away, and he's staying away from high valuation businesses. He wants companies where the pricing is going up as well as the margins.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The volatility will improve in the long-run. It continues to show robust growth. It trades at premium, but it is probably merited. Probably safer at these levels. Has a strong ecosystem with a dominant market position and competitive moat. Unlock Premium - Try 5i Free

Premium content

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Curated by Allan Tong since 2019.
99+ opinions with 4.15 rating.

TOP PICK

It once rivalled Royal Bank as the largest Canadian market cap stock on the TSX, but (as of Feb. 2) SHOP-T has tanked nearly 36%. A week earlier, that figure was closer to 50%. What happened? Back during the dark days of the pandemic, Shopify was the stock to buy as it offered an online platform for countless retailers to sell on the internet. We all know how e-commerce thrived in the last 24 months. The problem is that this perception of Shopify as a Covid stock now haunts the company. Peloton and Zoom are in this class. Arguably, all three stocks have been punished too much, since they each provide a valuable service that many people use—and will use in the future.

BUY ON WEAKNESS

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The stock was downgraded recently, but this is not new news. The company is also brining fulfilment in-house, which may raise costs in the short term. It is probably the right move long term to serve customers better. Unlock Premium - Try 5i Free

DON'T BUY

As a value investor, he doesn't follow this. Fairly high multiples and high-growth projections. Not on his radar.

DON'T BUY

Until recently, it had the highest market cap on the TSX. It's fallen 50% from its peak. He and his colleagues talk about this a lot, about if and where to enter it. Great platform, but the stock got vastly overvalued. A reasonable value is US$600-700. In 2021, a lot of companies got way ahead of themselves in terms of revenues, including SHOP. A great company, but not necessarily a great stock.

BUY

Allan Tong’s Discover Picks In mid-November 19, SHOP-T peaked at $2,139, and now trades below $1,400. That's a 31% slide. What happened? Omicron hit. Then, the feds announced they would raise interest rates. All tech sold off. To be fair, though, Shopify's PE was sailing high. Peaking at 651.57x on September 30, 2020, it then plunged to 85.72x six months later, then 50.53x exactly a year later. It now trades at a fairly reasonable 41x. To compare, Apple stands at 30.8x and Amazon 62x. Also, returns are among the highest in the software business with a 24% ROI. Read 3 Technology Stocks with Potential for our full analysis.

BUY ON WEAKNESS

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Many investors might be selling even at these levels with a profit. The market is rotating from high valuation growth names to value names. It is risk off right now. Has moved down from 52x to 22x forward sales. The premium valuation is probably still deserved though since it has an incredible moat. A decent buying opportunity. Unlock Premium - Try 5i Free

WAIT

Great story, great growth. Problem is should it trade at 25x, or more like the current 12.8x? Fickle, in reaction to sentiment and bond yields, crowded trade. Back to $2100? Yes. In next 12 months? No. Buy now? No. Time to add might be when people forget about it a little bit.

TRADE

Believes is a good company with a great story. Likes growth profile of eCommerce sector. Insider trading/selling at company is a concern. Large management turnover is not unusual, however, is a concern. Prefers Amazon over Shopify. Nothing stopping Amazon from moving into Shopify's space.

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Shopify Inc. (SHOP.TO)