Sometimes, even self-declared value investors can hold their noses and buy stocks that are overbought momentum plays according to traditional valuation metrics. Such may be the case with (NYSE: SHOP) stock, which is up sharply year to date but isn't necessarily out of gas quite yet.

If you have room in your tech stock shopping cart and don't consider "momo" a "no-no," Shopify stock is worth your while. Shopify's recent results largely speak for themselves, but the company could continue growing as it slims down and circles back to the e-commerce business that made Shopify a favorite among merchants and shareholders alike.

Describing quarterly beats as "across the board" is sometimes hyperbolic, but the term may actually apply to Shopify's first quarter of 2023. Before covering the usual top- and bottom-line metrics, prospective investors should take note of a key stat in online retail: gross merchandise volume (GMV), which Shopify grew 15% to $49.6 billion, beating the analyst community's call for $47.7 billion. And for balance-sheet buffs, Shopify's quarterly free cash flow of $86 million in Q1 2023 showed remarkable improvement over the negative free cash flow of $41 million the company recorded in the year-earlier quarter.

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Source Fool.com