Is Shopify Still a Buy After Reaching an $111 Billion Market Cap?

On the back of exceptionally strong second-quarter results, Shopify (NYSE: SHOP) surpassed $1,000 a share for the first time in July. The COVID-19 pandemic accelerated the shift that was already under way toward consumers doing an ever-greater share of their shopping online, and the turnkey e-commerce platform has benefited hugely.

After topping out around $1,146 a share at the start of the month, the stock price has pulled back during September by nearly $200 a share, in line with a decline in the broader market.

After that drop-off, is Shopify stock a steal?

Source Fool.com