Goldman Sachs raised its Shopify (SHOP, $1,384) price target to $1,680 from $1,323 after the company reported Q4 revenue jumped 94% to $977.7 million, well above the consensus estimate of $910.2 million.
Goldman said Shopify posted a strong finish to a transformative year, with GMV rising 99% to $41.1 billion.
In Q4, Shopify’s subscription solutions revenue (29% of total revenue) saw growth accelerate to 53% from 48% in Q3 and 28% in Q2. Merchant solutions revenue of $698.3 million surged 117%, driven by GMV expansion. |