Shopify beat analysts' revenue expectations for the third quarter, with executives saying the company attracted a growing number of large customers.

Shopify Inc. soared after reporting third-quarter sales that beat analysts’ estimates, a sign that the Canadian e-commerce company is gaining momentum as spending continues to shift from stores to websites.

Shopify reported robust quarterly earnings, beating expectations, driven by strong segment growth and cost management.

Shopify earned some price target upgrades after Q3 results, including Evercore, which boosted it by $45 to $125 per share. In addition, Roth MKM boosted the target to $135 per share. That would represent a 13% to 22% increase in the share price.

Shopify stock gained 14% to $102.84 in premarket trading Tuesday. For its third quarter, the company reported revenue of $2.16 billion, rising 26% from the year-ago quarter but be

Shopify stock jumped after the e-commerce firm reported Q3 revenue that topped estimates amid strong growth in the subscription business.