Seaport Res Ptn Comments on Shopify Inc.’s Q2 2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Analysts at Seaport Res Ptn reduced their Q2 2024 earnings per share (EPS) estimates for shares of Shopify in a report released on Monday, April 15th. Seaport Res Ptn analyst J. Cantwell now anticipates that the software maker will post earnings per share of $0.09 for the quarter, down from their previous forecast of $0.11. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share.

Several other brokerages have also commented on SHOP. Loop Capital reduced their price objective on Shopify from $90.00 to $80.00 and set a “hold” rating on the stock in a research report on Monday. Wells Fargo & Company reduced their price objective on Shopify from $90.00 to $85.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 14th. BNP Paribas lowered Shopify from a “neutral” rating to an “underperform” rating in a research report on Thursday, January 18th. CIBC raised their price target on Shopify from $82.00 to $100.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 7th. Finally, Needham & Company LLC restated a “hold” rating on shares of Shopify in a research report on Tuesday. Four analysts have rated the stock with a sell rating, nineteen have given a hold rating and fourteen have issued a buy rating to the company. According to data from MarketBeat.com, Shopify presently has an average rating of “Hold” and a consensus price target of $78.00.

Shopify Price Performance

Shares of Shopify stock opened at $69.43 on Tuesday. The company has a current ratio of 6.99, a quick ratio of 6.99 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $89.33 billion, a PE ratio of 771.53 and a beta of 2.22. The business’s 50-day moving average price is $77.14 and its 200-day moving average price is $71.75. Shopify has a 12 month low of $45.50 and a 12 month high of $91.57.

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

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SHOP. Norges Bank purchased a new position in Shopify during the fourth quarter valued at $1,049,089,000. Capital World Investors increased its holdings in shares of Shopify by 28.7% in the 4th quarter. Capital World Investors now owns 39,424,769 shares of the software maker’s stock worth $3,071,197,000 after purchasing an additional 8,789,411 shares in the last quarter. Nuveen Asset Management LLC bought a new stake in shares of Shopify in the 4th quarter worth $432,659,000. Artisan Partners Limited Partnership increased its holdings in shares of Shopify by 78.4% in the 3rd quarter. Artisan Partners Limited Partnership now owns 4,809,633 shares of the software maker’s stock worth $262,462,000 after purchasing an additional 2,113,773 shares in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Shopify by 30.2% in the 4th quarter. Legal & General Group Plc now owns 8,066,800 shares of the software maker’s stock worth $631,054,000 after purchasing an additional 1,870,515 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.