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

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Analysts at National Bank Financial raised their Q1 2024 earnings estimates for Shopify in a note issued to investors 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 forecast of $0.10. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share.

A number of other equities analysts also recently commented on SHOP. Royal Bank of Canada reiterated an “outperform” rating and issued a $100.00 target price on shares of Shopify in a report on Wednesday, February 14th. UBS Group boosted their target price on shares of Shopify from $75.00 to $80.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. ATB Capital boosted their target price on shares of Shopify from $105.00 to $110.00 and gave the stock a “sector perform” rating in a report on Wednesday, February 14th. Wells Fargo & Company cut 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, The Goldman Sachs Group upped their price objective on shares of Shopify from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. 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 company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $78.30.

Shopify Stock Performance

Shares of Shopify stock opened at $69.67 on Friday. The company has a market capitalization of $89.64 billion, a PE ratio of 774.20 and a beta of 2.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99. The company has a 50-day simple moving average of $76.35 and a two-hundred day simple moving average of $71.98. Shopify has a one year low of $45.50 and a one year high of $91.57.

Shopify (NYSE:SHOP) (TSE:SHOP) last released its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.04. The company had revenue of $2.14 billion during the quarter, compared to analyst estimates 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

A number of institutional investors have recently added to or reduced their stakes in SHOP. Fairfield Bush & CO. acquired a new stake in Shopify in the 1st quarter valued at $169,000. Raymond James Trust N.A. boosted its stake in Shopify by 26.5% during the 1st quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock worth $510,000 after purchasing an additional 158 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Shopify by 2.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock worth $20,391,000 after purchasing an additional 592 shares during the last quarter. Cetera Investment Advisers boosted its stake in Shopify by 13.0% during the 1st quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after purchasing an additional 527 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its stake in Shopify by 89.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after purchasing an additional 206 shares during 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.