Why This 1 Computer and Technology Stock Could Be a Great Addition to Your Portfolio
Building an investment portfolio from scratch can be difficult, especially if you're new to investing. It's easy to feel overwhelmed with so many different investment options out there, but focusing on stocks that are set to outperform the market over the next 12 months is an excellent place to start.
Now, let's break down why adding this one exceptional stock, highlighted below, to your portfolio could be a recipe for success.
Why You Should Pay Attention to Shopify (SHOP)
Ottawa, Canada-based Shopify Inc. provides a multi-tenant, cloud-based, multi-channel commerce platform that helps in starting, scaling, marketing, and running a business. Its platform and services are engineered for simplicity and reliability, while delivering a better shopping experience for customers everywhere.
SHOP was added to the Zacks Focus List on September 6, 2022 at $29.94 per share. Since then, shares have increased 162.79% to $78.68.
For fiscal 2024, 18 analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.13 to $1.12. SHOP boasts an average earnings surprise of 31.2%.
Additionally, Shopify's earnings are expected to grow 51.4% for the current fiscal year.
It can be very profitable to buy stocks with rising earnings estimates, as stock prices respond to revisions. By adding a Focus List stock like SHOP, there's a great chance you'll be getting into a company whose future earnings estimates will be raised, which can lead to price momentum.
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Shopify Inc. (SHOP) : Free Stock Analysis Report