Shopify Inc. (NYSE:SHOP) to Post Q1 2024 Earnings of $0.11 Per Share, National Bank Financial Forecasts

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Stock analysts at National Bank Financial lifted their Q1 2024 earnings per share estimates for shares of Shopify in a research note issued on Wednesday, April 17th. National Bank Financial analyst R. Tse now forecasts that the software maker will earn $0.11 per share for the quarter, up from their prior estimate of $0.10. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings results on Tuesday, February 13th. The software maker reported $0.26 earnings per share 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 analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%.

Other equities research analysts have also recently issued research reports about the stock. Citigroup cut their price objective on shares of Shopify from $96.00 to $93.00 and set a “neutral” rating for the company in a research report on Wednesday, February 14th. Jefferies Financial Group lifted their price objective on shares of Shopify from $65.00 to $80.00 and gave the company a “hold” rating in a research note on Friday, January 5th. UBS Group upped their target price on Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a research note on Wednesday, February 14th. Mizuho raised their target price on Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a report on Wednesday, February 14th. Finally, Robert W. Baird boosted their price target on Shopify from $85.00 to $87.00 and gave the stock an “outperform” rating in a report on Wednesday, April 3rd. Four equities research analysts have rated the stock with a sell rating, eighteen have assigned a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat.com, Shopify currently has a consensus rating of “Hold” and an average price target of $78.30.

Shopify Trading Up 0.3 %

Shares of NYSE:SHOP opened at $69.70 on Friday. The business’s 50 day simple moving average is $76.35 and its 200 day simple moving average is $71.84. 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. The company has a market capitalization of $89.67 billion, a P/E ratio of 774.53 and a beta of 2.22.

Institutional Investors Weigh In On Shopify

Several large investors have recently added to or reduced their stakes in SHOP. Vident Investment Advisory LLC raised its holdings in Shopify by 5.3% during the 1st quarter. Vident Investment Advisory LLC now owns 661 shares of the software maker’s stock valued at $447,000 after acquiring an additional 33 shares during the period. Interchange Capital Partners LLC raised its stake in shares of Shopify by 7.1% during the 1st quarter. Interchange Capital Partners LLC now owns 511 shares of the software maker’s stock valued at $345,000 after purchasing an additional 34 shares during the period. Ancora Advisors LLC lifted its holdings in Shopify by 6.2% during the 1st quarter. Ancora Advisors LLC now owns 1,177 shares of the software maker’s stock worth $1,302,000 after purchasing an additional 69 shares in the last quarter. SVB Wealth LLC boosted its stake in Shopify by 14.0% in the 1st quarter. SVB Wealth LLC now owns 659 shares of the software maker’s stock worth $445,000 after purchasing an additional 81 shares during the period. Finally, Industrial Alliance Investment Management Inc. grew its holdings in Shopify by 292.9% during the 1st quarter. Industrial Alliance Investment Management Inc. now owns 110 shares of the software maker’s stock valued at $74,000 after buying an additional 82 shares in the last quarter. Hedge funds and other institutional investors 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.