Q2 2024 EPS Estimates for Shopify Inc. Decreased by Seaport Res Ptn (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Investment analysts at Seaport Res Ptn reduced their Q2 2024 EPS estimates for shares of Shopify in a research report issued to clients and investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now anticipates that the software maker will post earnings of $0.09 per share for the quarter, down from their prior forecast of $0.11. The consensus estimate for Shopify’s current full-year earnings is $0.57 per share.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating 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 business had revenue of $2.14 billion during the quarter, compared to analysts’ expectations of $2.07 billion.

SHOP has been the subject of several other reports. Jefferies Financial Group lifted their price objective on shares of Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, January 5th. National Bankshares boosted their target price on shares of Shopify from $80.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, January 26th. Roth Capital boosted their target price on shares of Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research note on Wednesday, February 14th. JMP Securities reiterated a “market perform” rating on shares of Shopify in a research note on Monday, December 18th. Finally, Wedbush reiterated a “neutral” rating and issued a $68.00 target price on shares of Shopify in a research note on Tuesday, February 13th. Three equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.00.

Shopify Stock Performance

Shares of NYSE SHOP opened at $68.55 on Tuesday. 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 12 month low of $45.50 and a 12 month high of $91.57. The company has a 50 day simple moving average of $77.71 and a two-hundred day simple moving average of $71.66. The stock has a market cap of $88.19 billion, a price-to-earnings ratio of 761.75 and a beta of 2.22.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SHOP. Vident Investment Advisory LLC lifted its position in shares of Shopify by 5.3% during the first quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock worth $447,000 after purchasing an additional 33 shares in the last quarter. Interchange Capital Partners LLC lifted its position in shares of Shopify by 7.1% during the first quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock worth $345,000 after purchasing an additional 34 shares in the last quarter. Ancora Advisors LLC lifted its position in shares of Shopify by 6.2% during the first quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock worth $1,302,000 after purchasing an additional 69 shares in the last quarter. SVB Wealth LLC lifted its position in shares of Shopify by 14.0% during the first quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock worth $445,000 after purchasing an additional 81 shares in the last quarter. Finally, Industrial Alliance Investment Management Inc. lifted its position in shares of Shopify by 292.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock worth $74,000 after purchasing an additional 82 shares in the last quarter. 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.