FY2024 Earnings Estimate for Shopify Inc. (NYSE:SHOP) Issued By Seaport Res Ptn

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Equities researchers at Seaport Res Ptn decreased their FY2024 earnings per share (EPS) estimates for Shopify in a note issued to investors on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now forecasts that the software maker will earn $0.78 per share for the year, down from their prior estimate of $0.84. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share. Seaport Res Ptn also issued estimates for Shopify’s Q4 2024 earnings at $0.39 EPS, Q1 2025 earnings at $0.19 EPS, Q2 2025 earnings at $0.19 EPS, Q3 2025 earnings at $0.27 EPS and FY2025 earnings at $1.18 EPS.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, beating the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion for 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%.

SHOP has been the topic of several other research reports. The Goldman Sachs Group raised their price objective on Shopify from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Barclays dropped their price objective on Shopify from $70.00 to $68.00 and set an “equal weight” rating on the stock in a report on Wednesday, February 14th. Roth Capital raised their price objective on Shopify from $85.00 to $89.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Jefferies Financial Group increased their target price on shares of Shopify from $65.00 to $80.00 and gave the stock a “hold” rating in a research note on Friday, January 5th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $100.00 target price on shares of Shopify in a research note on Wednesday, February 14th. Four research analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and fourteen have assigned a buy rating to the company. Based on data from MarketBeat, Shopify presently has an average rating of “Hold” and an average target price of $78.00.

Shopify Stock Up 1.0 %

NYSE:SHOP traded up $0.71 during trading hours on Wednesday, hitting $69.41. The company’s stock had a trading volume of 8,297,898 shares, compared to its average volume of 9,526,688. The stock has a market capitalization of $89.30 billion, a P/E ratio of 763.31 and a beta of 2.22. The stock has a fifty day moving average of $77.45 and a 200-day moving average of $71.76. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. Shopify has a 52-week low of $45.50 and a 52-week high of $91.57.

Institutional Trading of Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Industrial Alliance Investment Management Inc. raised its holdings in shares of 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 acquiring an additional 82 shares during the period. Turim 21 Investimentos Ltda. acquired a new stake in shares of Shopify during the first quarter valued at approximately $148,000. Fairfield Bush & CO. acquired a new stake in shares of Shopify during the first quarter valued at approximately $169,000. First Manhattan Co. raised its holdings in shares of 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 acquiring an additional 200 shares during the period. Finally, Stonebridge Capital Advisors LLC increased its stake in Shopify by 508.2% in the 1st quarter. Stonebridge Capital Advisors LLC now owns 298 shares of the software maker’s stock valued at $201,000 after buying an additional 249 shares during the period. 69.27% of the stock is owned by institutional investors and hedge funds.

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.