Trading at $74.15, the Shopify stock price today is outperforming NASDAQ benchmarks. Increased investor interest comes after upbeat analyst revisions on gross merchandise volume growth, solidifying its role in the digital commerce leadership space. Shopify faces question marks in the latter half of the year, but with a high valuation, investors shouldn't expect to have any margin of safety if they buy the stock right now. It's trading at a price-to-earnings multiple of around 82 -- far higher than the S&P 500 average of 25. The danger with buying it at its current level is that if there is a slowdown in Shopify's growth rate later this year, the stock could be vulnerable to a sell-off. Shopify is up 48.7% since the beginning of the year, and at $159.91 per share, has set a new 52-week high. Investors who bought $1,000 worth of Shopify’s shares 5 years ago would now be looking at an investment worth $1,501. Trading at $73.90, Shopify stock price today reflects a market balancing act between short-term corrections and long-term bullish trends. Momentum traders are watching closely for breakout confirmations above key resistance.