Shopify (NYSE:SHOP) Releases Earnings Results, Beats Expectations By $0.09 EPS

Shopify (NYSE:SHOP) (TSE:SHOP) issued its quarterly earnings results on Tuesday. The software maker reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.09, reports. The company had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.11 billion. Shopify had a return on equity of 11.60% and a net margin of 16.84%. Shopify updated its Q4 2024 guidance to EPS.

Shopify Stock Performance

Shares of SHOP opened at $109.08 on Friday. The firm has a market capitalization of $140.76 billion, a P/E ratio of 101.94, a P/E/G ratio of 3.71 and a beta of 2.36. Shopify has a 52 week low of $48.56 and a 52 week high of $115.62. The stock has a 50 day moving average price of $80.36 and a two-hundred day moving average price of $70.50. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.10.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SHOP shares. Roth Mkm upped their target price on Shopify from $77.00 to $79.00 and gave the stock a “buy” rating in a report on Thursday, August 8th. UBS Group boosted their price target on Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research report on Thursday, August 8th. Wells Fargo & Company boosted their price target on Shopify from $90.00 to $120.00 and gave the stock an “overweight” rating in a research report on Wednesday. Morgan Stanley upped their target price on Shopify from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Mizuho upped their target price on Shopify from $68.00 to $105.00 and gave the company a “neutral” rating in a research report on Wednesday. One investment analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.95.

Hedge Funds Weigh In On Shopify

A number of hedge funds have recently bought and sold shares of the company. Silvercrest Asset Management Group LLC boosted its stake in Shopify by 735.0% in the first quarter. Silvercrest Asset Management Group LLC now owns 52,928 shares of the software maker’s stock valued at $4,084,000 after acquiring an additional 46,589 shares during the last quarter. Baker Avenue Asset Management LP lifted its stake in Shopify by 10.9% in the third quarter. Baker Avenue Asset Management LP now owns 217,000 shares of the software maker’s stock valued at $17,390,000 after purchasing an additional 21,265 shares during the last quarter. Atria Investments Inc grew its holdings in Shopify by 16.8% during the third quarter. Atria Investments Inc now owns 158,383 shares of the software maker’s stock valued at $12,693,000 after purchasing an additional 22,832 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Shopify by 3.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 190,371 shares of the software maker’s stock worth $15,079,000 after buying an additional 7,009 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Shopify by 5.8% in the first quarter. DekaBank Deutsche Girozentrale now owns 523,257 shares of the software maker’s stock valued at $40,838,000 after buying an additional 28,639 shares during the period. 69.27% of the stock is owned by hedge funds and other institutional investors.

Shopify Company Profile

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.