Shopify (NYSE:SHOP) made a name for itself as a pandemic darling, helping businesses bridge the gap between “we can’t operate any more by government mandate” and “we’re online now.” Now, seeing that the reopening of physical stores has pushed online back from “can’t do without” to “nice to have” once more, Shopify is gaining big with new tools. Shopify stock was up over 6% at one point in Thursday’s trading session, thanks to those tools.
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The first such tool is Sidekick, an AI-driven tool that not only can perform a range of functions, but can even answer questions. Sidekick can actually perform a range of tasks that were formerly largely the province of big data operations, combing sales records for trends and giving store owners a better sense of what customers really want. Such moves tend to reduce waste and thereby improve profitability.
That wasn’t all that Shopify had on hand, though. It also brought out the Meeting Cost Calculator, a tool that can show just how much those meetings cost. It’s a Chrome extension, and with a set of metrics from average compensation of all the attendees, to the number of attendees and the meeting’s length, the calculator can show just how much that meeting costs, and whether the cost was ultimately worthwhile. Shopify notes that such awareness will likely reduce meetings, and make for a 15% reduction in costs. Throw in the new partnership with Roku (NASDAQ:ROKU) and things only get better.
Overall, with 10 Buy ratings, two Sells, and 15 Holds, Shopify is considered a Moderate Buy. However, Shopify stock right now comes with a downside risk of 8.72% thanks to its average price target of $63.92.
