Why Shopify's Stock Is Trading Higher Today

Shopify, Inc. SHOP shares are trading higher after RBC Capital Markets raised its price target on the stock from $825 to $1,000.

The analyst wrote, "Shopify has a number of catalysts that we expect to help accelerate revenue growth and expand the company's long-term total addressable market, including the Shopify Fulfillment Network (SFN), Shopify Capital, next-generation Point-of-Sale (POS), and international expansion, among others."

Shopify offers an e-commerce platform primarily to small and midsize businesses. The firm has two segments: subscription solutions and merchant solutions.

Shopify's stock was trading up 6% at $867.59 per share on Thursday at the time of publication. The company set a new 52-week high of $859.10 and has a 52-week low of $281.69.