Is It Too Late to Buy Shopify Stock?

Shopify (NYSE: SHOP) has been on a roller-coaster ride on the stock market so far in 2023, as shares of the e-commerce platform provider have pulled back since the release of its fourth-quarter 2022 results on Feb. 15. Shares of the company sank big time after the earnings report, which wasn't surprising, as Shopify needs to exceed Wall Street's growth expectations to justify its rich valuation. After all, Shopify is trading at 10.3 times sales, well above the S&P 500's price-to-sales ratio of 2.3.