Investors love (NYSE: SHOP) stock. The e-commerce platform's stock has more than doubled over the past year, and as inflation may be easing and e-commerce is growing, there's high investor confidence in the company's long-term prospects.

However, at the current price, Shopify stock trades at a rich valuation. Should that stop you from buying it right now?

Shopify operates an e-commerce platform for retailers. It's not a third-party platform like Amazon (NASDAQ: AMZN), but it provides white-label e-commerce solutions for business clients. Although its core products are turnkey retail websites, it has expanded to offering a range of products and solutions to businesses of all sizes. It has forged lucrative partnerships with enterprise customers who use some of its services, like payment gateways or point-of-sale devices.

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Source Fool.com