Shopify Inc (NASDAQ:SHOP) shares are trading higher during Tuesday’s session. Th stock is trending and the move comes amid a general rally in the technology sector.

Technical Analysis

Shopify is trading 5.1% above its 20-day Simple Moving Average (SMA), but it remains 11.4% below its 100-day SMA, showing a short-term rebound inside a still-challenged intermediate trend.

Shares are up 35.50% over the past 12 months and are currently positioned closer to the middle of their 52-week range than the highs.

RSI is at 49.17, which sits in neutral territory. Meanwhile, MACD is at -0.7797 versus a signal line at -1.7705.

  • Key Resistance: $131.00
  • Key Support: $112.50

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the May 7, (estimated) earnings report.

  • EPS Estimate: 28 cents (Up from 25 cents YoY)
  • Revenue Estimate: $3.08 Billion (Up from $2.36 Billion YoY)
  • Valuation: P/E of 134.7x (Indicates premium valuation relative to peers)

The stock carries a Buy rating with an average price forecast of $161.03.

Recent analyst moves include:

  • Piper Sandler: Overweight (Target $165.00) (Mar. 12)
  • Jefferies: Hold (Raises Target to $150.00) (Mar. 9)
  • Jefferies: Hold (Lowers Target to $125.00) (Feb. 17)

SHOP Stock Price Activity: Shopify shares were up 3.64% at $131.19 at the time of publication on Tuesday, according to Benzinga Pro data.

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