Shares of Zoom Video (ZM, $384.53) have begun to stabilize after dropping sharply from the all-time high of $588.84 reached in the middle of October. At this week’s low of $331.10, the stock had retreated 43% from that record high.

On the pullback, Zoom Video shares were able to hold above the 200-day moving average, which currently stands at $318.92. 

Today, the stock rallied above the 50-day moving average of $400.87, hitting an intraday high of $404.44. 

On the price chart, a close above the $400 level is needed to break the downtrend line from the October high.

Oppenheimer upgraded Shopify (SHOP, $1,170) to ‘Outperform’ with a price target of $1,300 based on the accelerated shift to e-commerce that has been catalyzed by the pandemic. 

The firm calls out Shopify as a digital commerce category leader, disruptor and share gainer for the long-term. For 2021, the consensus revenue estimate of $3.78 billion represents growth of 32.5%.