Shopify Inc. (NYSE:SHOP) will earn $0.68 per share in fiscal 2024, DA Davidson predicts

Shopify Inc. (NYSE:SHOP – Free Report) (TSE:SHOP) – DA Davidson raised its fiscal year 2024 earnings per share (EPS) estimates for Shopify in a note to investors on Thursday, August 8. DA Davidson analyst G. Luria now forecasts that the software maker will report earnings per share of $0.68 for the year, up from the previous forecast of $0.58. DA Davidson has a Buy rating on the stock and a price target of $84.00. The consensus estimate for Shopify’s current full-year earnings is $0.62 per share. DA Davidson also issued estimates for Shopify’s fiscal year 2025 earnings of $0.96 EPS.

Shopify (NYSE:SHOP – Free Report) (TSE:SHOP) last released its earnings results on Wednesday, May 8. The software maker reported earnings per share (EPS) of $0.12 for the quarter, beating the consensus estimate of $0.08 by $0.04. Shopify had a positive return on equity of 7.36% and a negative net margin of 2.82%. The company posted revenue of $1.86 billion for the quarter, compared to the consensus estimate of $1.84 billion.

SHOP has been the subject of a number of other research reports. Morgan Stanley raised their price target on shares of Shopify from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday. StockNews.com upgraded Shopify from a “sell” rating to a “hold” rating in a research report on Wednesday, April 24th. JMP Securities reiterated a “outperform” rating and issued a $80.00 price target on shares of Shopify in a report on Thursday. Wells Fargo & Company raised their price target on Shopify from $75.00 to $80.00 and gave the company an “overweight” rating in a report on Thursday. Finally, Canaccord Genuity Group reduced their price target on Shopify from $90.00 to $80.00 and gave the stock a “buy” rating in a research note on Thursday, May 9th. One research analyst has rated the stock with a sell rating, fifteen have given a hold rating and twenty-three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Shopify currently has a consensus rating of Moderate Buy and an average price target of $77.24.

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Shopify commerce increases by 7.3%

SHOP shares opened at $68.55 on Friday. The company has a market cap of $88.34 billion, a P/E ratio of -403.24, a price-to-earnings-growth ratio of 3.15 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a current ratio of 7.14 and a quick ratio of 7.14. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The company has a 50-day moving average of $63.23 and a 200-day moving average of $70.04.

Institutional investors comment on Shopify

A number of institutional investors and hedge funds have recently bought and sold shares of the company. GQG Partners LLC increased its holdings in shares of Shopify by 197.9% in the 1st quarter. GQG Partners LLC now owns 20,901,980 shares of the software maker’s stock worth $1,613,006,000 after buying an additional 13,885,473 shares in the last quarter. Norges Bank acquired a new position in Shopify in the fourth quarter valued at about $1,049,089,000. Capital World Investors increased its holdings in Shopify by 26.2% in the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after buying an additional 10,340,040 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Shopify by 21.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock worth $2,642,265,000 after acquiring an additional 5,982,434 shares during the same period. Finally, Toronto Dominion Bank increased its stake in Shopify by 214.5% in the 1st quarter. Toronto Dominion Bank now owns 2,909,052 shares of the software maker’s stock worth $224,492,000 after acquiring an additional 1,983,996 shares during the last quarter. 69.27% of the shares are owned by institutional investors.

Shopify Company Profile

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Shopify Inc., a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, Asia Pacific, Australia, China, and Latin America. The Company’s platform enables merchants to display, manage, market, and sell their 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. It enables managing products and inventory, processing orders and payments, fulfilling and shipping orders, acquiring new buyers and building customer relationships, sourcing products, using analytics and reports, managing cash, payments and transactions, and accessing financing.