Q2 2024 EPS Estimates for Shopify Inc. (NYSE:SHOP) Lowered by Analyst

Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP - Seaport Res Ptn dropped their Q2 2024 earnings per share estimates for shares of Shopify in a note issued to 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 estimate of $0.11. The consensus estimate for Shopify's current full-year earnings is $0.57 per share.

Other analysts have also issued research reports about the company. Truist Financial increased their price objective on Shopify from $65.00 to $90.00 and gave the company a "hold" rating in a research note on Monday, February 12th. The Goldman Sachs Group lifted their price target on shares of Shopify from $67.00 to $75.00 and gave the company a "neutral" rating in a report on Thursday, February 29th. Jefferies Financial Group upped their price objective on shares of Shopify from $65.00 to $80.00 and gave the stock a "hold" rating in a report on Friday, January 5th. UBS Group raised their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 14th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $100.00 target price on shares of Shopify in a research report on Wednesday, February 14th. Three research analysts have rated the stock with a sell rating, twenty have assigned a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Shopify has an average rating of "Hold" and an average target price of $78.00.

Shopify Trading Up 0.2 %

Shares of NYSE:SHOP traded up $0.12 during trading on Tuesday, reaching $68.69. 9,246,147 shares of the company traded hands, compared to its average volume of 9,542,904. The firm has a market capitalization of $88.37 billion, a price-to-earnings ratio of 763.42 and a beta of 2.22. Shopify has a 52-week low of $45.50 and a 52-week 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. The business's fifty day moving average is $77.71 and its 200-day moving average is $71.66.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.22 by $0.04. The business 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%.

Hedge Funds Weigh In On Shopify

Several hedge funds have recently modified their holdings of SHOP. Industrial Alliance Investment Management Inc. raised its stake in Shopify by 292.9% during the first quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker's stock valued at $74,000 after purchasing an additional 82 shares in the last quarter. Turim 21 Investimentos Ltda. purchased a new stake in Shopify during the first quarter valued at $148,000. Fairfield Bush & CO. purchased a new stake in Shopify during the first quarter valued at $169,000. First Manhattan Co. raised its stake in Shopify by 317.5% during the first quarter. First Manhattan Co. now owns 263 shares of the software maker's stock valued at $177,000 after purchasing an additional 200 shares in the last quarter. Finally, Stonebridge Capital Advisors LLC raised its stake in Shopify by 508.2% during the first quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker's stock valued at $201,000 after purchasing an additional 249 shares in the last quarter. Hedge funds and other institutional investors 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.