Shopify Inc. (NYSE:SHOP) Expected to Post Q2 2024 Earnings of $0.09 Per Share

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Stock analysts at Seaport Res Ptn dropped their Q2 2024 EPS estimates for shares of Shopify in a research note issued on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now forecasts that the software maker will post earnings per share of $0.09 for the quarter, down from their prior estimate of $0.11. The consensus estimate for Shopify’s current full-year earnings is $0.57 per share.

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

Several other equities analysts have also recently commented on SHOP. Citigroup decreased their price target on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Barclays reduced their price target on shares of Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 14th. BNP Paribas lowered shares of Shopify from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 18th. Royal Bank of Canada restated an “outperform” rating and issued a $100.00 price objective on shares of Shopify in a research note on Wednesday, February 14th. Finally, Mizuho upped 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. Four equities research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, Shopify presently has a consensus rating of “Hold” and a consensus price target of $78.00.

Shopify Stock Up 0.2 %

Shopify stock opened at $68.69 on Tuesday. Shopify has a fifty-two week low of $45.50 and a fifty-two week high of $91.57. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The firm has a 50 day moving average price of $77.45 and a 200 day moving average price of $71.76. The company has a market capitalization of $88.37 billion, a PE ratio of 763.31 and a beta of 2.22.

Hedge Funds Weigh In On Shopify

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

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.