In the latest trading session, Shopify (SHOP) closed at $1,475.97, marking a +0.07% move from the previous day. This move outpaced the S&P 500's daily loss of 0.16%.Prior to today's trading, shares of the cloud-based commerce company had lost 0.96% over the past month. This has lagged the Computer and Technology sector's gain of 2.75% and the S&P 500's gain of 0.46% in that time.Wall Street will be looking for positivity from SHOP as it approaches its next earnings report date. In that report, analysts expect SHOP to post earnings of $1.21 per share. This would mark year-over-year growth of 7.08%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $1.14 billion, up 48.94% from the year-ago period.For the full year, our Zacks Consensus Estimates are projecting earnings of $6.72 per share and revenue of $4.61 billion, which would represent changes of +68.84% and +57.51%, respectively, from the prior year.Investors might also notice recent changes to analyst estimates for SHOP. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. SHOP is currently sporting a Zacks Rank of #1 (Strong Buy).Digging into valuation, SHOP currently has a Forward P/E ratio of 219.34. Its industry sports an average Forward P/E of 29.73, so we one might conclude that SHOP is trading at a premium comparatively.Meanwhile, SHOP's PEG ratio is currently 7.98. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Internet - Services industry currently had an average PEG ratio of 3.76 as of yesterday's close.The Internet - Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 160, which puts it in the bottom 38% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.To follow SHOP in the coming trading sessions, be sure to utilize Zacks.com. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. You know this company from its past glory days, but few would expect that it's poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks' Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Shopify Inc. (SHOP): Free Stock Analysis Report To read this article on Zacks.com click here.