Research Analysts Offer Predictions for Shopify Inc.’s FY2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Seaport Res Ptn dropped their FY2024 earnings per share (EPS) estimates for Shopify in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now expects that the software maker will post earnings per share of $0.78 for the year, down from their previous forecast of $0.84. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share. Seaport Res Ptn also issued estimates for Shopify’s Q4 2024 earnings at $0.39 EPS, Q1 2025 earnings at $0.19 EPS, Q2 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.27 EPS and FY2025 earnings at $1.18 EPS.

SHOP has been the topic of several other reports. The Goldman Sachs Group lifted their price objective on Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Barclays cut their target price on Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a research report on Wednesday, February 14th. Roth Capital upped their target price on Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. National Bankshares lifted their price target on shares of Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, January 26th. Finally, ATB Capital boosted their price target on Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 14th. Four investment analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, Shopify currently has an average rating of “Hold” and a consensus target price of $78.00.

Shopify Trading Up 1.1 %

Shares of SHOP stock opened at $69.43 on Wednesday. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10. The business has a fifty day simple moving average of $77.14 and a 200-day simple moving average of $71.75. The stock has a market cap of $89.33 billion, a P/E ratio of 771.53 and a beta of 2.22.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. Shopify had a return on equity of 4.48% and a net margin of 1.87%. The firm had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Shopify in the 4th quarter worth $1,049,089,000. Capital World Investors increased its position in shares of Shopify by 28.7% during the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after acquiring an additional 8,789,411 shares in the last quarter. Nuveen Asset Management LLC bought a new position in shares of Shopify during the fourth quarter valued at $432,659,000. Artisan Partners Limited Partnership boosted its holdings in shares of Shopify by 78.4% during the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after acquiring an additional 2,113,773 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in Shopify by 30.2% in the fourth quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker’s stock worth $631,054,000 after purchasing an additional 1,870,515 shares during the last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

Shopify Company Profile

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.