Shopify Inc. to Post FY2024 Earnings of $0.43 Per Share, Atb Cap Markets Forecasts (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Analysts at Atb Cap Markets boosted their FY2024 earnings per share estimates for shares of Shopify in a research note issued on Tuesday, April 30th. Atb Cap Markets analyst M. Toner now anticipates that the software maker will post earnings of $0.43 per share for the year, up from their prior estimate of $0.36. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share.

Other equities analysts have also issued research reports about the stock. Robert W. Baird boosted their target price on shares of Shopify from $85.00 to $87.00 and gave the company an “outperform” rating in a report on Wednesday, April 3rd. StockNews.com upgraded shares of Shopify from a “sell” rating to a “hold” rating in a report on Wednesday, April 24th. Mizuho increased their target price on shares of Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 14th. Truist Financial raised their price target on shares of Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a report on Monday, February 12th. Finally, Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and raised their target price for the company from $93.00 to $105.00 in a research note on Monday, April 29th. Two analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $79.03.

Shopify Stock Up 3.4 %

Shares of SHOP opened at $74.47 on Friday. The stock’s 50-day moving average price is $74.77 and its two-hundred day moving average price is $73.00. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57. The company has a market capitalization of $95.81 billion, a PE ratio of 827.54 and a beta of 2.20. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $2.07 billion.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Private Wealth Management Group LLC bought a new position in shares of Shopify in the fourth quarter worth approximately $26,000. SJS Investment Consulting Inc. increased its holdings in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after acquiring an additional 130 shares in the last quarter. DSM Capital Partners LLC purchased a new position in shares of Shopify during the 4th quarter valued at $28,000. Jones Financial Companies Lllp purchased a new stake in shares of Shopify during the fourth quarter worth about $28,000. Finally, Your Advocates Ltd. LLP raised its position in shares of Shopify by 4,344.4% during the fourth quarter. Your Advocates Ltd. LLP now owns 400 shares of the software maker’s stock valued at $31,000 after buying an additional 391 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.