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

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Shopify Inc. (SHOP.TO)

164.18

-7.34 (4.28%)

as of Jul 31, 2026, 8:00:00 pm Market Open.

979 watching

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

Similar

AMZN

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

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.

BUY

Allan Tong’s Discover Picks A Shopify bull and bear recently meet on a patio over drinks: Bull: This stock is on steroids! Crazy momentum. A ginormous homegrown success. With brick-and-mortar flocking online, Shopify can only benefit and continue to surge. Read Top 5 Canadian Tech Stocks (DOCKS): Can they skyrocket like the FAANGs? for our full analysis.

DON'T BUY

They are really delivering, and are stealing some shares from Amazon. Management is good. It's a huge success story in Canada. As a conservative investor, he would need to see higher growth continue for many years to justify its current valuation. He can see reason to be bullish but he would not personally buy it right now. He prefers stocks with a larger margin of safety.

DON'T BUY

Great Canadian growth story. E-commerce is a growing trend, and Covid accelerated this growth. Too expensive a valuation for her. A lot of good news and growth is already embedded in the stock price.

BUY ON WEAKNESS

He picked this up back in March with a price target of $575 US and sold it 9 weeks later at $645 US and it has continued up since. They have a great runway in other verticals they can get into. The exponential growth is still in the early phases. This is almost like Tesla back a few years ago when it rocketed up and people were skeptical. If the market pulls back into $800 CAD, he would definitely buy it.

BUY ON WEAKNESS

The greatest Canadian tech story. Exciting. He bought it three years ago and has done very well. Innovative and in the right spot, e-commerce. The share price today is discounting a lot of long-term growth. It's had a great rally, but doubts it can perform as well in the future. Wait for the next 20-30% pullback and buy a partial position.

BUY ON WEAKNESS

People are bidding up the stock and giving full valuation to the price. He wonders where the fundamentals are going to come to support the share price. When it will have a draw down it will be big!

DON'T BUY

3200x forward PE. Blended 12-month PE is still 1800x earnings. Has done well, but expensive. Pandemic has fast-forwarded the push for e-commerce by 10 years. Growth rate and earnings look as though they'll be strong. Other names give you more quality and value. Tricky to buy it at this level.

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Shopify Inc. (SHOP.TO)