Research Analysts Issue Forecasts for Shopify Inc.’s Q1 2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Equities research analysts at Atb Cap Markets boosted their Q1 2024 earnings per share (EPS) estimates for Shopify in a report released on Tuesday, April 30th. Atb Cap Markets analyst M. Toner now expects that the software maker will post earnings per share of $0.05 for the quarter, up from their previous forecast of $0.03. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share. Atb Cap Markets also issued estimates for Shopify’s Q2 2024 earnings at $0.08 EPS and FY2025 earnings at $0.84 EPS.

SHOP has been the subject of a number of other research reports. Scotiabank upped their price objective on Shopify from $70.00 to $80.00 and gave the company a “sector perform” rating in a report on Thursday. Truist Financial upped their target price on shares of Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a research note on Monday, February 12th. Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and boosted their price target for the company from $93.00 to $105.00 in a report on Monday, April 29th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $100.00 price target on shares of Shopify in a research report on Wednesday, February 14th. Finally, UBS Group boosted their price objective on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $79.03.

Shopify Stock Performance

Shares of Shopify stock opened at $74.47 on Thursday. Shopify has a 52 week low of $45.50 and a 52 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 stock has a market capitalization of $95.81 billion, a price-to-earnings ratio of 827.54 and a beta of 2.20. The firm has a fifty day moving average of $74.77 and a two-hundred day moving average of $73.00.

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

Institutional Investors Weigh In On Shopify

A number of large investors have recently added to or reduced their stakes in SHOP. Wealth Management Partners LLC raised its position in shares of Shopify by 0.9% in the fourth quarter. Wealth Management Partners LLC now owns 13,922 shares of the software maker’s stock valued at $1,085,000 after purchasing an additional 126 shares during the period. SJS Investment Consulting Inc. grew its position in shares of Shopify by 59.1% in the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after purchasing an additional 130 shares during the last quarter. Tradition Wealth Management LLC increased its stake in shares of Shopify by 7.5% during the fourth quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock worth $156,000 after purchasing an additional 140 shares during the period. Pachira Investments Inc. boosted its stake in Shopify by 2.1% in the 4th quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock valued at $552,000 after purchasing an additional 146 shares during the period. Finally, Baldwin Brothers LLC MA grew its holdings in Shopify by 49.0% in the 4th quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after buying an additional 147 shares in the last quarter. Institutional investors 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.