Shopify Inc. Forecasted to Post Q1 2024 Earnings of $0.11 Per Share (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP - Research analysts at National Bank Financial raised their Q1 2024 earnings per share estimates for Shopify in a research report issued on Wednesday, April 17th. National Bank Financial analyst R. Tse now anticipates that the software maker will post earnings of $0.11 per share for the quarter, up from their previous estimate of $0.10. The consensus estimate for Shopify's current full-year earnings is $0.58 per share.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last posted its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to analysts' expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%.

Other analysts have also issued reports about the company. Morgan Stanley upgraded Shopify from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $74.00 to $85.00 in a research note on Friday. ATB Capital boosted their target price on Shopify from $105.00 to $110.00 and gave the company a "sector perform" rating in a research note on Wednesday, February 14th. National Bankshares increased their target price on Shopify from $80.00 to $100.00 and gave the stock an "outperform" rating in a research report on Friday, January 26th. The Goldman Sachs Group increased their target price on Shopify from $67.00 to $75.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. Finally, CIBC raised their target price on Shopify from $82.00 to $100.00 and gave the stock an "outperform" rating in a report on Wednesday, February 7th. Four investment analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have issued a buy rating to the company. Based on data from MarketBeat, Shopify currently has a consensus rating of "Hold" and a consensus target price of $78.30.

Shopify Stock Up 0.3 %

NYSE SHOP traded up $0.19 on Friday, reaching $69.70. The company had a trading volume of 11,073,469 shares, compared to its average volume of 9,509,492. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57. The company's fifty day moving average is $76.35 and its 200 day moving average is $71.84. The stock has a market capitalization of $89.67 billion, a P/E ratio of 774.53 and a beta of 2.22. The company has a quick ratio of 6.99, a current ratio of 6.99 and a debt-to-equity ratio of 0.10.

Institutional Investors Weigh In On Shopify

Large investors have recently made changes to their positions in the business. StoneCrest Wealth Management Inc. acquired a new stake in shares of Shopify in the fourth quarter worth $1,164,000. Asset Management One Co. Ltd. grew its holdings in Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker's stock valued at $2,807,000 after purchasing an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in Shopify during the 4th quarter valued at $433,000. Bleakley Financial Group LLC grew its holdings in Shopify by 18.5% during the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker's stock valued at $840,000 after purchasing an additional 1,681 shares in the last quarter. Finally, Advisor Resource Council acquired a new stake in Shopify during the 4th quarter valued at $1,488,000. 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.