Shopify: 'One of the Best Ways to Invest in E-Commerce Growth'

Cloud commerce platform Shopify Inc (NYSE: SHOP) has been on a roll recently and is nearing 52-week highs. In the past month alone, Shopify has risen 27 percent, coming off a strong Q2 earnings beat in early August.

The sentiment surrounding the company remains strong, with analyst upgrades continuing to pour in. Currently, no sell side analysts have a Sell rating on the stock. Monday, KeyBanc increased its price target for Shopify from $40 to $43 with an attached Buy rating.

Shopify continues to add merchants, with over 300,000 now on the platform, up from 175,000 from a year prior. With e-commerce becoming the hot topic and key to survival in the current business climate, Shopify is one of the best ways to capitalize, Keybanc believes.

"We believe Shopify is one of the best ways to invest in e-commerce growth," the firm noted.

Shopify has become a go to website for businesses and individuals trying to create an e-commerce presence. There even has been some speculation of a potential buyout of Shopify from Cloud giant Adobe Systems Incorporated (NASDAQ: ADBE).

With the rise of entrepreneurialism and countless startups popping up over night, Shopify is positioned well to capitalize on this growing trend. The company is expected to report its Q3 earnings the week of November 2–7.

Full ratings data available on Benzinga Pro.

Do you have ideas for articles/interviews you'd like to see more of on Benzinga? Please email feedback@benzinga.com with your best article ideas. One person will be randomly selected to win a $20 Amazon gift card!