Research Analysts Set Expectations for Shopify Inc.’s FY2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Research analysts at Seaport Res Ptn lowered their FY2024 EPS estimates for Shopify in a report released on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now expects that the software maker will post earnings per share of $0.78 for the year, down from their previous forecast 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 released its quarterly 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. 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.

Other analysts have also issued reports about the company. UBS Group boosted their price objective on Shopify from $75.00 to $80.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Wells Fargo & Company decreased their target price on Shopify from $90.00 to $85.00 and set an “overweight” rating for the company in a research report on Wednesday, February 14th. Citigroup lowered their price objective on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 14th. DA Davidson upped their target price on Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, February 14th. Finally, Loop Capital cut their price objective on shares of Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus target price of $78.00.

Shopify Stock Performance

NYSE SHOP opened at $69.43 on Wednesday. The business’s 50-day simple moving average is $77.14 and its 200-day simple moving average is $71.75. The firm has a market capitalization of $89.33 billion, a P/E ratio of 771.53 and a beta of 2.22. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a debt-to-equity ratio of 0.10, a current ratio of 6.99 and a quick ratio of 6.99.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. StoneCrest Wealth Management Inc. acquired a new position in Shopify during the fourth quarter worth about $1,164,000. Asset Management One Co. Ltd. increased its stake in shares of 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 acquiring an additional 34,624 shares during the last quarter. SeaCrest Wealth Management LLC purchased a new stake in Shopify in the fourth quarter valued at approximately $433,000. Bleakley Financial Group LLC boosted its holdings in shares of Shopify by 18.5% in 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 during the last quarter. Finally, Advisor Resource Council purchased a new position in shares of Shopify in the 4th quarter worth $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.