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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Atb Cap Markets increased their FY2024 earnings per share estimates for shares of Shopify in a note issued to investors on Tuesday, April 30th. Atb Cap Markets analyst M. Toner now anticipates that the software maker will earn $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 $0.59 per share.

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

SHOP has been the subject of a number of other research reports. CIBC upped their price objective on shares of Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $74.00 to $85.00 in a report on Friday, April 19th. Wells Fargo & Company dropped their target price on Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research note on Wednesday, February 14th. Wedbush reissued a “neutral” rating and issued a $68.00 price target on shares of Shopify in a research note on Tuesday, February 13th. Finally, Truist Financial lifted their price target on Shopify from $65.00 to $90.00 and gave the company a “hold” rating in a report on Monday, February 12th. Two equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and seventeen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Shopify currently has an average rating of “Hold” and an average price target of $79.03.

Shopify Trading Up 3.4 %

Shares of SHOP stock opened at $74.46 on Friday. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company has a market capitalization of $95.80 billion, a price-to-earnings ratio of 827.43 and a beta of 2.20. The firm has a 50-day moving average price of $74.73 and a 200 day moving average price of $73.14. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently made changes to their positions in the business. Private Wealth Management Group LLC bought a new position in Shopify during the 4th quarter valued at $26,000. SJS Investment Consulting Inc. lifted its position in shares of Shopify by 59.1% during the fourth quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock worth $27,000 after purchasing an additional 130 shares during the last quarter. DSM Capital Partners LLC bought a new position in shares of Shopify during the fourth quarter worth about $28,000. Jones Financial Companies Lllp bought a new stake in Shopify in the fourth quarter valued at about $28,000. Finally, Your Advocates Ltd. LLP raised its stake in 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 in the last quarter. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

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.