DA Davidson Has Bullish Outlook for Shopify FY2024 Earnings

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – Research analysts at DA Davidson upped their FY2024 earnings estimates for Shopify in a note issued to investors on Wednesday, November 13th. DA Davidson analyst G. Luria now forecasts that the software maker will post earnings of $0.89 per share for the year, up from their prior estimate of $0.70. The consensus estimate for Shopify’s current full-year earnings is $0.76 per share. DA Davidson also issued estimates for Shopify’s Q4 2024 earnings at $0.33 EPS.

A number of other research analysts also recently issued reports on the stock. JPMorgan Chase & Co. upped their target price on shares of Shopify from $74.00 to $76.00 and gave the company an “overweight” rating in a research report on Tuesday, August 20th. Cantor Fitzgerald restated a “neutral” rating and issued a $70.00 price objective on shares of Shopify in a report on Monday, October 7th. Truist Financial lifted their target price on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a report on Wednesday. Roth Mkm increased their price target on Shopify from $77.00 to $79.00 and gave the company a “buy” rating in a research note on Thursday, August 8th. Finally, Argus upgraded Shopify to a “strong-buy” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, seventeen have issued a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Trading Down 0.6 %

SHOP stock opened at $108.48 on Friday. The business has a fifty day moving average of $81.14 and a 200-day moving average of $70.77. The company has a market cap of $139.98 billion, a P/E ratio of 101.39, a PEG ratio of 3.71 and a beta of 2.36. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. The company has a quick ratio of 7.32, a current ratio of 7.10 and a debt-to-equity ratio of 0.10.

Shopify (NYSE:SHOP) (TSE:SHOP) last posted its quarterly earnings data on Tuesday, November 12th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.09. Shopify had a net margin of 16.84% and a return on equity of 11.60%. The firm had revenue of $2.16 billion during the quarter, compared to analysts’ expectations of $2.11 billion.

Institutional Investors Weigh In On Shopify

Institutional investors and hedge funds have recently made changes to their positions in the stock. Baillie Gifford & Co. lifted its stake in Shopify by 14.7% in the 3rd quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after purchasing an additional 8,131,160 shares during the last quarter. Capital World Investors boosted its stake in shares of Shopify by 26.2% during the 1st quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock worth $3,840,332,000 after acquiring an additional 10,340,040 shares during the period. Vanguard Group Inc. increased its holdings in shares of Shopify by 1.7% during the 1st quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock worth $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. FMR LLC increased its holdings in shares of Shopify by 16.1% during the 3rd quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock worth $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in Shopify by 21.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 34,239,525 shares of the software maker’s stock valued at $2,642,265,000 after acquiring an additional 5,982,434 shares during the period. Institutional investors own 69.27% of the company’s stock.

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.