Atb Cap Markets Weighs in on Shopify Inc.’s Q1 2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Research analysts at Atb Cap Markets upped their Q1 2024 earnings per share estimates for Shopify in a report released on Tuesday, April 30th. Atb Cap Markets analyst M. Toner now anticipates that the software maker will earn $0.05 per share for the quarter, up from their previous forecast of $0.03. The consensus estimate for Shopify’s current full-year earnings is $0.58 per share. Atb Cap Markets also issued estimates for Shopify’s Q2 2024 earnings at $0.08 EPS and FY2025 earnings at $0.84 EPS.

SHOP has been the subject of a number of other reports. CIBC lifted their target price on Shopify from $82.00 to $100.00 and gave the company an “outperform” rating in a research note on Wednesday, February 7th. Needham & Company LLC restated a “hold” rating on shares of Shopify in a research note on Tuesday, April 16th. Piper Sandler reiterated an “underweight” rating and issued a $63.00 target price on shares of Shopify in a research note on Thursday, April 11th. Citigroup raised shares of Shopify from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $93.00 to $105.00 in a report on Monday. Finally, Mizuho increased their price objective on Shopify from $65.00 to $75.00 and gave the stock a “neutral” rating in a report on Wednesday, February 14th. Two equities research analysts have rated the stock with a sell rating, eighteen have issued a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $78.62.

Shopify Trading Up 0.3 %

NYSE SHOP opened at $70.38 on Thursday. The firm has a market capitalization of $90.55 billion, a PE ratio of 782.09 and a beta of 2.20. Shopify has a one year low of $45.50 and a one year high of $91.57. The company has a 50-day simple moving average of $74.83 and a 200-day simple moving average of $73.00. The company has a debt-to-equity ratio of 0.10, a quick ratio of 6.99 and a current ratio of 6.99.

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, topping the consensus estimate of $0.22 by $0.04. The firm had revenue of $2.14 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Shopify had a return on equity of 4.48% and a net margin of 1.87%.

Hedge Funds Weigh In On Shopify

Hedge funds have recently modified their holdings of the stock. StoneCrest Wealth Management Inc. bought a new position in Shopify during the fourth quarter valued at approximately $1,164,000. Asset Management One Co. Ltd. raised its holdings in shares of Shopify by 4,007.4% during the 4th quarter. Asset Management One Co. Ltd. now owns 35,488 shares of the software maker’s stock valued at $2,807,000 after purchasing an additional 34,624 shares in the last quarter. SeaCrest Wealth Management LLC acquired a new stake in shares of Shopify in the 4th quarter valued at $433,000. Bleakley Financial Group LLC lifted its stake in shares of Shopify by 18.5% in the 4th quarter. Bleakley Financial Group LLC now owns 10,778 shares of the software maker’s stock valued at $840,000 after purchasing an additional 1,681 shares during the last quarter. Finally, Advisor Resource Council acquired a new position in Shopify during the fourth quarter worth $1,488,000. 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.