Brokers Issue Forecasts for Shopify Inc.'s Q3 2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP - Investment analysts at Seaport Res Ptn upped their Q3 2024 earnings estimates for Shopify in a research note issued to investors on Monday, October 7th. Seaport Res Ptn analyst J. Cantwell now forecasts that the software maker will earn $0.19 per share for the quarter, up from their previous forecast of $0.18. The consensus estimate for Shopify's current full-year earnings is $0.76 per share. Seaport Res Ptn also issued estimates for Shopify's Q1 2025 earnings at $0.16 EPS, Q2 2025 earnings at $0.20 EPS, Q3 2025 earnings at $0.27 EPS and FY2025 earnings at $1.10 EPS.

Shopify (NYSE:SHOP - Get Free Report) TSE: SHOP last issued its quarterly earnings results on Wednesday, August 7th. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06. The firm had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. Shopify had a return on equity of 10.88% and a net margin of 16.40%. The company's revenue for the quarter was up 20.7% on a year-over-year basis. During the same period last year, the company earned ($0.08) earnings per share.

Other equities analysts also recently issued reports about the company. Roth Mkm increased their target price on Shopify from $77.00 to $79.00 and gave the stock a "buy" rating in a research note on Thursday, August 8th. UBS Group increased their price objective on Shopify from $71.00 to $75.00 and gave the stock a "neutral" rating in a research report on Thursday, August 8th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Shopify from $80.00 to $85.00 and gave the stock a "buy" rating in a research report on Thursday, August 8th. Wells Fargo & Company increased their price target on shares of Shopify from $80.00 to $90.00 and gave the company an "overweight" rating in a report on Wednesday, September 11th. Finally, Cantor Fitzgerald restated a "neutral" rating and set a $70.00 target price on shares of Shopify in a research report on Monday. One research analyst has rated the stock with a sell rating, sixteen have issued a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $78.38.

Shopify Stock Performance

Shares of Shopify stock traded up $1.85 on Tuesday, reaching $82.71. 4,153,469 shares of the stock were exchanged, compared to its average volume of 9,485,513. The company has a current ratio of 7.32, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $106.59 billion, a PE ratio of -487.47, a PEG ratio of 2.65 and a beta of 2.36. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The business has a fifty day moving average price of $72.21 and a two-hundred day moving average price of $68.52.

Institutional Investors Weigh In On Shopify

Large investors have recently added to or reduced their stakes in the company. Pinebridge Investments L.P. lifted its position in shares of Shopify by 201.3% during the fourth quarter. Pinebridge Investments L.P. now owns 9,122 shares of the software maker's stock worth $711,000 after purchasing an additional 6,094 shares during the last quarter. Stephens Inc. AR lifted its holdings in Shopify by 4.8% during the 4th quarter. Stephens Inc. AR now owns 21,093 shares of the software maker's stock worth $1,643,000 after buying an additional 966 shares during the last quarter. Envestnet Asset Management Inc. grew its position in shares of Shopify by 7.9% in the 4th quarter. Envestnet Asset Management Inc. now owns 893,034 shares of the software maker's stock worth $69,567,000 after acquiring an additional 65,514 shares in the last quarter. Evercore Wealth Management LLC increased its holdings in shares of Shopify by 123.0% in the 4th quarter. Evercore Wealth Management LLC now owns 9,265 shares of the software maker's stock valued at $722,000 after acquiring an additional 5,111 shares during the last quarter. Finally, Regal Investment Advisors LLC raised its position in shares of Shopify by 2.1% during the 4th quarter. Regal Investment Advisors LLC now owns 33,118 shares of the software maker's stock valued at $2,580,000 after acquiring an additional 694 shares in the last quarter. 69.27% of the stock is owned by institutional investors and hedge funds.

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.