DA Davidson Estimates Shopify’s FY2024 Earnings (NYSE:SHOP)

Shopify Inc. (NYSE:SHOP) (TSE:SHOP) – DA Davidson lifted their FY2024 earnings estimates for Shopify in a report issued on Wednesday, November 13th. DA Davidson analyst G. Luria now forecasts that the software maker will earn $0.89 per share for the year, up from their previous 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.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its earnings results 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 for the quarter, compared to the consensus estimate of $2.11 billion.

Several other research firms have also recently commented on SHOP. Royal Bank of Canada boosted their target price on Shopify from $100.00 to $130.00 and gave the stock an “outperform” rating in a research note on Wednesday. The Goldman Sachs Group upped their target price on shares of Shopify from $88.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Shopify from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, August 8th. Scotiabank increased their price objective on shares of Shopify from $75.00 to $80.00 and gave the company a “sector perform” rating in a research report on Thursday, October 24th. Finally, Truist Financial raised their price objective on shares of Shopify from $65.00 to $110.00 and gave the company a “hold” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have given a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Shopify currently has an average rating of “Moderate Buy” and a consensus target price of $94.95.

Shopify Stock Down 5.2 %

Shopify stock 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. The company has a current ratio of 7.10, a quick ratio of 7.32 and a debt-to-equity ratio of 0.10. Shopify has a twelve month low of $48.56 and a twelve month high of $115.62. The stock’s fifty day simple moving average is $80.36 and its 200-day simple moving average is $70.50.

Hedge Funds Weigh In On Shopify

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Moser Wealth Advisors LLC boosted its position in shares of Shopify by 1.4% during the 3rd quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker’s stock worth $755,000 after purchasing an additional 128 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker’s stock worth $159,000 after buying an additional 129 shares in the last quarter. Rosenberg Matthew Hamilton boosted its holdings in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker’s stock worth $36,000 after buying an additional 133 shares in the last quarter. CVA Family Office LLC grew its position in Shopify by 11.8% during the third quarter. CVA Family Office LLC now owns 1,354 shares of the software maker’s stock worth $109,000 after buying an additional 143 shares during the period. Finally, Twin Peaks Wealth Advisors LLC increased its holdings in Shopify by 3.5% in the third quarter. Twin Peaks Wealth Advisors LLC now owns 4,282 shares of the software maker’s stock valued at $343,000 after buying an additional 145 shares in the last quarter. Institutional investors and hedge funds 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.