Why Shopify Stock Rose to a New All-Time High Today

Shares of Shopify (NYSE: SHOP) climbed on Wednesday, following positive analyst commentary. By the close of trading, the e-commerce star's stock was up 5% to $1,089 after hitting a record high of $1,115.99 earlier in the day. 

Atlantic Equities analyst Kunaal Malde placed an overweight rating and a $1,150 target price on Shopify's stock this morning. Malde says Shopify is strengthening its competitive position as it scales its operations. In turn, the analyst sees it taking share in the rapidly expanding e-commerce market. 

Shopify's stock hit a new high on Wednesday. Image source: Getty Images.

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Source Fool.com