Q1 2024 Earnings Forecast for Shopify Inc. (NYSE:SHOP) Issued By National Bank Financial

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Investment analysts at National Bank Financial raised their Q1 2024 earnings per share (EPS) 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 forecast of $0.10. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Tuesday, February 13th. The software maker reported $0.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.22 by $0.04. The firm had revenue of $2.14 billion during the quarter, compared to the consensus estimate of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%.

A number of other research analysts also recently issued reports on SHOP. Morgan Stanley upgraded Shopify from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $74.00 to $85.00 in a research note on Friday. Roth Capital upped their price target on Shopify from $85.00 to $89.00 and gave the company a “buy” rating in a research report on Wednesday, February 14th. Mizuho upped their price target on Shopify from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Wednesday, February 14th. ATB Capital upped their price target on Shopify from $105.00 to $110.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 14th. Finally, Needham & Company LLC reaffirmed a “hold” rating on shares of Shopify in a research report on Tuesday. Four equities research analysts have rated the stock with a sell rating, eighteen have given a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat.com, Shopify currently has an average rating of “Hold” and an average target price of $78.30.

Shopify Stock Up 0.1 %

Shares of NYSE:SHOP opened at $69.51 on Friday. The company has a market capitalization of $89.43 billion, a PE ratio of 772.42 and a beta of 2.22. 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 business has a fifty day moving average price of $76.77 and a two-hundred day moving average price of $71.73. Shopify has a 1 year low of $45.50 and a 1 year high of $91.57.

Hedge Funds Weigh In On Shopify

Institutional investors and hedge funds have recently bought and sold shares of the stock. Fairfield Bush & CO. purchased a new stake in Shopify in the 1st quarter worth approximately $169,000. Raymond James Trust N.A. lifted its holdings in Shopify by 26.5% in the 1st quarter. Raymond James Trust N.A. now owns 754 shares of the software maker’s stock worth $510,000 after buying an additional 158 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Shopify by 2.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 30,166 shares of the software maker’s stock worth $20,391,000 after buying an additional 592 shares during the period. Cetera Investment Advisers lifted its holdings in Shopify by 13.0% in the 1st quarter. Cetera Investment Advisers now owns 4,596 shares of the software maker’s stock worth $3,107,000 after buying an additional 527 shares during the period. Finally, Sequoia Financial Advisors LLC lifted its holdings in Shopify by 89.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 436 shares of the software maker’s stock worth $295,000 after buying an additional 206 shares during the period. 69.27% of the stock is currently owned by institutional investors.

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.