FY2024 EPS Estimates for Shopify Inc. (NYSE:SHOP) Decreased by Analyst

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Research analysts at Seaport Res Ptn cut their FY2024 EPS estimates for shares of Shopify in a note issued to investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now anticipates that the software maker will earn $0.78 per share 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.

Several other brokerages have also commented on SHOP. Roth Capital upped their price objective on shares of Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Robert W. Baird upped their price objective on shares of Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, April 3rd. Barclays decreased their price objective on shares of Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a report on Wednesday, February 14th. Wells Fargo & Company decreased their price objective on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a report on Wednesday, February 14th. Finally, UBS Group upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $78.00.

Shopify Trading Up 0.1 %

Shares of SHOP opened at $69.51 on Wednesday. The stock has a market capitalization of $89.43 billion, a P/E ratio of 772.42 and a beta of 2.22. 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 firm has a fifty day simple moving average of $76.77 and a two-hundred day simple moving average of $71.73. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly 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. The business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%.

Hedge Funds Weigh In On Shopify

A number of institutional investors and hedge funds have recently made changes to their positions in SHOP. Norges Bank purchased a new position in Shopify during the fourth quarter valued at approximately $1,049,089,000. Capital World Investors lifted its holdings in 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 purchasing an additional 8,789,411 shares in the last quarter. Nuveen Asset Management LLC purchased a new position in Shopify during the fourth quarter valued at approximately $432,659,000. Artisan Partners Limited Partnership lifted its holdings 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 valued at $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Finally, Legal & General Group Plc lifted its holdings 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 valued at $631,054,000 after purchasing an additional 1,870,515 shares in 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.