Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) – Equities researchers at Seaport Res Ptn reduced their Q2 2024 earnings per share 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 of $0.09 per share for the quarter, down from their previous forecast of $0.11. The consensus estimate for Shopify’s current full-year earnings is $0.57 per share.
Shopify (NYSE:SHOP – Get Free Report) (TSE:SHOP) last released its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, beating 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 company had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion.
Check Out Our Latest Report on Shopify
Shopify Stock Down 2.1 %
Shares of Shopify stock opened at $68.55 on Tuesday. The firm has a market cap of $88.19 billion, a price-to-earnings ratio of 761.75 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The stock has a 50-day simple moving average of $77.71 and a 200-day simple moving average of $71.66.
Hedge Funds Weigh In On Shopify
Several large investors have recently made changes to their positions in SHOP. Norges Bank acquired a new position in shares of Shopify during the fourth quarter valued at $1,049,089,000. Capital World Investors lifted its stake in Shopify by 28.7% in 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 buying an additional 8,789,411 shares during the period. Nuveen Asset Management LLC acquired a new position in Shopify in the fourth quarter valued at about $432,659,000. Artisan Partners Limited Partnership lifted its stake in Shopify by 78.4% in the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock valued at $262,462,000 after buying an additional 2,113,773 shares during the period. Finally, Legal & General Group Plc lifted its stake 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 valued at $631,054,000 after buying an additional 1,870,515 shares during the period. Institutional investors and hedge funds own 69.27% of the company’s stock.
About Shopify
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.
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