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

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Shopify Inc. (SHOP.TO)

153.74

+1.03 (0.67%)

as of Jun 18, 2026, 8:00:00 pm Market Open.

983 watching

Investor Insights

Jun 19, 2026, 12:00 am

This summary was created by AI, based on 63 opinions in the last 12 months.

Shopify Inc. (SHOP) is a prominent player in the Canadian tech landscape, facing both praise and skepticism from several experts. While many recognize the company's innovative edge and its increasing adoption of AI, concerns about its high valuation persist, particularly given its volatility and reliance on small to medium-sized businesses that may be more vulnerable to economic fluctuations. Analysts have expressed mixed views; some see favorable entry points for long-term growth, while others caution against entering due to its lofty price-to-earnings ratio. Overall, Shopify's growth trajectory remains attractive, with the potential for significant upside, yet its current valuation, perceived risks related to e-commerce dynamics, and broader market sentiment towards tech stocks leave investors divided on the right approach to take. The consensus seems to suggest a cautious stance with a focus on entry points and potential for monitoring breakouts.

Consensus

Cautious

Valuation

Overvalued

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BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The TikTok partnership is perfect timing, just before shopping season. They get access to more than one million merchants, and investors like it. It should ensure Shopify’s high growth rate. Unlock Premium - Try 5i Free

DON'T BUY

Pandemic has helped all the e-commerce names. But valuation worries him, at 500x forward earnings. Sales growth will be strong. Paying a premium for this name.

BUY ON WEAKNESS

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. The company has performed well and is now expensive. Investors need to be comfortable with a certain level of volatility. It has a large market and plenty of room to grow still. Patience is required for this name. Unlock Premium - Try 5i Free

PAST TOP PICK

(A Top Pick Nov 01/19, Up 239%) Trimmed a bit, but still owns a lot of it.

WEAK BUY

Another "build it and they will come" stock. Revenue has to grow 8-fold to justify the current valuation. Narrative is very positive. Illustration of the market mindset where new-economy stocks are treated very differently than those in old industries. Lot of expectation for things to go right. Short term, a great story. Continued positive upside momentum.

WATCH

Sadly, he got stopped out of this, then the stock zoomed up. They've done a great job and the pandemic has really helped them, feeding demand. It's now very expensive. It needs to produce a lot of cash flow to justify the current valuation. Mind you, Amazon started like this and went on to do very well.

BUY ON WEAKNESS

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. It pulled back nearly $200 in four days so it is a good time to add to holdings. It will likely see a bounce in the near term. Unlock Premium - Try 5i Free

DON'T BUY

A Canadian proxy for Amazon? No. He prefers tech stocks with predictable income streams, not like Shopify which is trading at more than 20x revenue. Investors are paying for growth expected in 2-4 years. Shopify enjoys a strong tailwind and has done a great job, but its valuation is way too high.

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TOP PICK

Shopify PE 540.57 As proud Canadians, we admire Shopify, the undisputed whiz kid of e-commerce that has capitalized on the lockdown by nearly tripling its stock price this year. However, investors are banking too highly on the future. Last week, analysts John Zechner and Bruce Campbell both considered the stock overbought. Zechner stressed that valuations matter. Greg Newman advises picking this up below $1,000. We agree. As for Microsoft, Google and Facebook, not to mention Amazon and Netflix, those are only slightly overbought and have a place in any portfolio. Demand for their services will remain strong. Hold, if you own them, and add on weakness.

BUY ON WEAKNESS

A well-run company headquartered in Ottawa. They don't have to pay a premium for software talent. All their activities have been executed well. There is a large market they can expand into. In a long-term basis, it is expected to continue to grow at a good rate. If there is a 20% pull-back from the peak, it is a good buying opportunity.

COMMENT

He is a value investor and he does not believe the criteria are met for either. To play momentum, it is another game. As these companies mature, they will trade at normal PEs.

DON'T BUY

Don't get into it at this point. Tremendous growth story, great numbers. The valuation is beyond excessive. At a point, valuations matter. The price is already reflecting its future growth. Better names would be CGI or Open Text, rather than chasing the high flyers.

COMMENT

The large tech stocks are overbought. SHOP has helped lift the TSX with its significant move, triggered by the lockdown and COVID as more retailers flock online to sell. This trend won't vanish. Shopify has been expanding into financing, which offers higher margins. He owned this in the past. Over time, the business will expand and grow. He wouldn't be surprised to see a pullback in Shopify and other large tech stocks. You can buy a partial position now then add on weakness. If you already own say 5%, take sell 1%, then buyback that 1% on a pullback.

PAST TOP PICK

(A Top Pick Aug 14/19, Up 179%) Brick and mortar retailers are rapidly migrating online and COVID accelerated this trend. The blew away recent earnings. He sees 300% EPS growth. Bad news: it's super pricey now at 275x 2022 or 37x EV-to-revenue vs. 16x by peers. Buy at $900-1000, not now. It's a must-own name though.

PARTIAL SELL

There are good stocks and good companies. Still not making money, trading at 40x sales. Beneficiary of the pandemic and stay at home trend. But don't think it's going to keep going. Dangerous. The first time there's a miss, there will be a big miss in the stock. If you've held it for a while, he'd take profits.

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