Shopify Inc. to Post Q1 2024 Earnings of $0.05 Per Share, Atb Cap Markets Forecasts (NYSE:SHOP)

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.

A number of other equities analysts also recently commented on the company. National Bankshares lifted their price objective on Shopify from $80.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 26th. Roth Capital boosted their price target on shares of Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. UBS Group upped their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Morgan Stanley raised shares of Shopify from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $74.00 to $85.00 in a research note on Friday, April 19th. Finally, Truist Financial raised their price target on shares of Shopify from $65.00 to $90.00 and gave the stock a “hold” rating in a report on Monday, February 12th. Two research analysts have rated the stock with a sell rating, eighteen have given a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $78.62.

Shopify Stock Up 0.3 %

NYSE SHOP opened at $70.38 on Thursday. Shopify has a one year low of $45.50 and a one year high of $91.57. The company has a market cap of $90.55 billion, a P/E ratio of 782.09 and a beta of 2.20. The business has a fifty day moving average price of $74.83 and a 200 day moving average price of $73.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

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 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 firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion.

Institutional Investors Weigh In On Shopify

A number of hedge funds have recently added to or reduced their stakes in SHOP. Norges Bank acquired a new stake in Shopify in the fourth quarter valued at $1,049,089,000. Capital World Investors lifted its stake in shares of Shopify by 28.7% in the fourth quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock valued at $3,071,197,000 after purchasing an additional 8,789,411 shares during the period. Artisan Partners Limited Partnership grew its position in Shopify by 78.4% during the third quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after buying an additional 2,113,773 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its position in shares of Shopify by 118.9% during the 4th quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 3,382,000 shares of the software maker’s stock valued at $263,452,000 after acquiring an additional 1,837,000 shares during the period. Finally, Baillie Gifford & Co. increased its stake in Shopify by 2.3% in the 4th quarter. Baillie Gifford & Co. now owns 64,164,758 shares of the software maker’s stock valued at $4,998,476,000 after purchasing an additional 1,419,749 shares in the last quarter. Institutional investors and hedge funds own 69.27% of the company’s stock.

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.