Shopify Inc. (NYSE:SHOP) Expected to Post Q2 2024 Earnings of $0.09 Per Share

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Stock analysts at Seaport Res Ptn lowered their Q2 2024 EPS estimates for shares of Shopify in a report issued on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now expects 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.

Several other research firms have also recently issued reports on SHOP. BNP Paribas cut shares of Shopify from a “neutral” rating to an “underperform” rating in a research note on Thursday, January 18th. Needham & Company LLC reissued a “hold” rating on shares of Shopify in a report on Tuesday. DA Davidson raised their price objective on shares of Shopify from $86.00 to $90.00 and gave the stock a “buy” rating in a report on Wednesday, February 14th. Wells Fargo & Company dropped their price objective on shares of Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a report on Wednesday, February 14th. Finally, StockNews.com cut shares of Shopify from a “hold” rating to a “sell” rating in a research note on Tuesday. Four equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $78.00.

Shopify Stock Up 0.2 %

Shares of Shopify stock opened at $68.69 on Tuesday. The company’s fifty day simple moving average is $77.45 and its two-hundred day simple moving average is $71.76. The company has a market cap of $88.37 billion, a P/E ratio of 763.31 and a beta of 2.22. 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 12-month low of $45.50 and a 12-month high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, February 13th. The software maker reported $0.26 EPS for the quarter, topping the consensus estimate of $0.22 by $0.04. The company had revenue of $2.14 billion for the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a net margin of 1.87% and a return on equity of 4.48%.

Institutional Investors Weigh In On Shopify

Several large investors have recently made changes to their positions in the stock. MCF Advisors LLC lifted its holdings in Shopify by 15.2% during the 1st quarter. MCF Advisors LLC now owns 2,120 shares of the software maker’s stock valued at $164,000 after purchasing an additional 280 shares during the last quarter. KRS Capital Management LLC lifted its holdings in shares of Shopify by 18.8% during the first quarter. KRS Capital Management LLC now owns 5,380 shares of the software maker’s stock worth $415,000 after buying an additional 850 shares in the last quarter. Harbour Capital Advisors LLC lifted its holdings in shares of Shopify by 24.7% during the first quarter. Harbour Capital Advisors LLC now owns 6,825 shares of the software maker’s stock worth $533,000 after buying an additional 1,350 shares in the last quarter. Addenda Capital Inc. lifted its holdings in shares of Shopify by 16.9% during the first quarter. Addenda Capital Inc. now owns 857,658 shares of the software maker’s stock worth $66,185,000 after buying an additional 123,916 shares in the last quarter. Finally, Procyon Advisors LLC lifted its holdings in shares of Shopify by 2.4% during the first quarter. Procyon Advisors LLC now owns 45,366 shares of the software maker’s stock worth $3,501,000 after buying an additional 1,051 shares in the last quarter. 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.