Shares of Shopify (NASDAQ: SHOP) were climbing the charts last month after the e-commerce software superstar turned in strong results in its second-quarter earnings report. It also benefited from an improving outlook for interest rate cuts, which should help Shopify as a growth stock and one that relies on small businesses that benefit from cheap capital.
Additionally, several Wall Street analysts weighed in on the stock with price target hikes. By the end of the month, Shopify had gained 16%, according to data from S&P Global Market Intelligence.
As you can see from the chart below, Shopify stock actually pulled back following the post-earnings surge, due in part to its concerns about its valuation.