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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Research analysts at Atb Cap Markets increased their FY2024 earnings per share (EPS) estimates for shares of Shopify in a research report issued to clients and investors on Tuesday, April 30th. Atb Cap Markets analyst M. Toner now forecasts that the software maker will post earnings of $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 $0.58 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, beating analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%.

A number of other research analysts have also recently commented on SHOP. Citigroup upgraded Shopify from a “neutral” rating to a “buy” rating and increased their price target for the company from $93.00 to $105.00 in a research note on Monday, April 29th. Wedbush reaffirmed a “neutral” rating and set a $68.00 price objective on shares of Shopify in a report on Tuesday, February 13th. Jefferies Financial Group lifted their price target on Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a report on Friday, January 5th. BNP Paribas upgraded shares of Shopify from an “underperform” rating to an “outperform” rating in a research note on Thursday. Finally, CIBC lifted their target price on shares of Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research note on Wednesday, February 7th. Two analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $79.03.

Shopify Stock Performance

NYSE SHOP opened at $74.47 on Friday. The firm’s 50 day simple moving average is $74.77 and its 200 day simple moving average is $73.00. The firm has a market capitalization of $95.81 billion, a price-to-earnings ratio of 827.54 and a beta of 2.20. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10.

Institutional Trading of Shopify

A number of hedge funds have recently modified their holdings of the business. Asset Management One Co. Ltd. purchased a new stake in Shopify during the 3rd quarter valued at $47,000. Commonwealth Equity Services LLC boosted its stake in Shopify by 1.6% during the third quarter. Commonwealth Equity Services LLC now owns 384,168 shares of the software maker’s stock valued at $20,964,000 after buying an additional 6,066 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its position in Shopify by 1.7% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 261,013 shares of the software maker’s stock worth $14,243,000 after purchasing an additional 4,261 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Shopify by 17.6% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 200,000 shares of the software maker’s stock valued at $10,914,000 after acquiring an additional 30,000 shares during the last quarter. Finally, Stratos Wealth Partners LTD. increased its position in shares of Shopify by 3.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 18,777 shares of the software maker’s stock valued at $1,025,000 after purchasing an additional 581 shares during 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.