What is DA Davidson’s Forecast for Shopify FY2024 Earnings?

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Investment analysts at DA Davidson upped their FY2024 earnings estimates for Shopify in a research report issued to clients and investors on Wednesday, November 13th. DA Davidson analyst G. Luria now forecasts that the software maker will earn $0.89 per share for the year, up from their previous forecast of $0.70. The consensus estimate for Shopify’s current full-year earnings is $0.76 per share. DA Davidson also issued estimates for Shopify’s Q4 2024 earnings at $0.33 EPS.

Several other analysts also recently issued reports on SHOP. Canaccord Genuity Group lifted their price target on shares of Shopify from $80.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday. Cantor Fitzgerald reissued a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a research note on Monday, October 7th. Mizuho lifted their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. Evercore increased their price target on Shopify from $75.00 to $80.00 in a research report on Thursday, August 8th. Finally, Benchmark reaffirmed a “hold” rating on shares of Shopify in a report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Shopify Stock Performance

Shares of SHOP opened at $108.49 on Friday. The stock has a 50-day moving average of $81.97 and a 200-day moving average of $71.02. Shopify has a one year low of $48.56 and a one year high of $115.62. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.10 and a quick ratio of 7.32. The company has a market cap of $139.99 billion, a PE ratio of 101.38, a P/E/G ratio of 3.71 and a beta of 2.36.

Hedge Funds Weigh In On Shopify

A number of institutional investors have recently added to or reduced their stakes in the business. Empowered Funds LLC increased its position in shares of Shopify by 15.4% during the 1st quarter. Empowered Funds LLC now owns 12,708 shares of the software maker’s stock valued at $981,000 after purchasing an additional 1,694 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Shopify by 1.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 26,369 shares of the software maker’s stock valued at $2,035,000 after purchasing an additional 365 shares during the last quarter. HBK Sorce Advisory LLC lifted its stake in Shopify by 4.3% in the first quarter. HBK Sorce Advisory LLC now owns 6,511 shares of the software maker’s stock worth $502,000 after purchasing an additional 266 shares during the last quarter. Orion Portfolio Solutions LLC grew its stake in shares of Shopify by 3.2% during the first quarter. Orion Portfolio Solutions LLC now owns 38,473 shares of the software maker’s stock valued at $2,969,000 after buying an additional 1,201 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. increased its holdings in shares of Shopify by 26.6% in the first quarter. Pinnacle Wealth Planning Services Inc. now owns 4,080 shares of the software maker’s stock worth $315,000 after buying an additional 856 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.