Shopify (NASDAQ:SHOP – Get Free Report) (TSE:SHOP) announced its quarterly earnings results on Wednesday. Zacks Research upgraded Shopify from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 7th. Positive Sentiment: Shopify forecast third-quarter revenue of $3.7 billion to $3.8 billion , above the roughly $3.6 billion analyst consensus. Shopify revenue outlookShopify forecast third-quarter revenue of , above the roughly $3.6 billion analyst consensus. Neutral Sentiment: The strong results have improved sentiment, but Shopify remains richly valued, with a reported price-to-earnings ratio above 140.