Shopify (NASDAQ:SHOP) closed at a record $179.22 on Oct. 12. Under three weeks later, the e-commerce software company's stock trades at roughly $157 as I write -- about 12% below that record, including a fall of about 6% on Friday. The slide comes right before a big test. Shopify releases its third-quarter results before the market opens on Tuesday, Nov. 3. And management already told investors what to expect back in August: revenue growth at a low-thirties percentage rate, gross profit growth in the mid-to-high 20s, and a free cash flow margin in the high teens to low 20s. The last time I checked on the stock, in mid-October, it traded near $170, and I figured buyers were paying for years of growth in advance. The stock is cheaper now, and management has set a clear bar for the quarter. But I don't think the drop changes as much as it may seem.
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