Q1 2024 EPS Estimates for Shopify Inc. (NYSE:SHOP) Increased by Atb Cap Markets

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Atb Cap Markets upped their Q1 2024 earnings per share estimates for shares of Shopify in a research note issued to investors on Tuesday, April 30th. Atb Cap Markets analyst M. Toner now expects that the software maker will earn $0.05 per share for the quarter, up from their prior estimate 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%.

Other research analysts have also recently issued research reports about the stock. Loop Capital lowered their price target on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday, April 15th. Barclays cut their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating for the company in a research report on Wednesday, February 14th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $74.00 to $85.00 in a research report on Friday, April 19th. Mizuho upped their price target on Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Finally, DA Davidson lifted their price objective on Shopify from $86.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. Two investment analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $79.03.

Shopify Stock Performance

NYSE:SHOP opened at $74.47 on Thursday. The company has a market cap of $95.81 billion, a P/E ratio of 827.54 and a beta of 2.20. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $45.50 and a twelve month high of $91.57. The company’s 50-day moving average price is $74.77 and its 200-day moving average price is $73.00.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently made changes to their positions in the stock. Wealth Management Partners LLC increased its stake in Shopify by 0.9% in the 4th 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 in the last quarter. SJS Investment Consulting Inc. grew its stake in Shopify by 59.1% in the 4th quarter. SJS Investment Consulting Inc. now owns 350 shares of the software maker’s stock valued at $27,000 after acquiring an additional 130 shares during the last quarter. Tradition Wealth Management LLC increased its holdings in Shopify by 7.5% during the 4th quarter. Tradition Wealth Management LLC now owns 2,007 shares of the software maker’s stock valued at $156,000 after acquiring an additional 140 shares in the last quarter. Pachira Investments Inc. raised its position in Shopify by 2.1% during the fourth quarter. Pachira Investments Inc. now owns 7,084 shares of the software maker’s stock worth $552,000 after acquiring an additional 146 shares during the last quarter. Finally, Baldwin Brothers LLC MA lifted its holdings in shares of Shopify by 49.0% in the fourth quarter. Baldwin Brothers LLC MA now owns 447 shares of the software maker’s stock valued at $35,000 after purchasing an additional 147 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.