Shopify (NYSE:SHOP) Releases Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Shopify (NYSE:SHOP) (TSE:SHOP) announced its quarterly earnings data on Tuesday. The software maker reported $0.27 EPS for the quarter, beating the consensus estimate of $0.18 by $0.09, reports. The firm had revenue of $2.16 billion for the quarter, compared to the consensus estimate of $2.11 billion. Shopify had a net margin of 16.84% and a return on equity of 11.94%. Shopify updated its Q4 2024 guidance to EPS.

Shopify Price Performance

Shares of SHOP opened at $115.13 on Thursday. The company has a 50 day moving average price of $79.47 and a 200-day moving average price of $70.18. Shopify has a fifty-two week low of $48.56 and a fifty-two week high of $115.62. The stock has a market capitalization of $148.56 billion, a PE ratio of 107.60, a PEG ratio of 3.64 and a beta of 2.36. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.32 and a current ratio of 7.32.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Truist Financial boosted their price target on shares of Shopify from $65.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday. UBS Group boosted their price target on shares of Shopify from $71.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Redburn Atlantic upgraded shares of Shopify from a “neutral” rating to a “buy” rating and set a $99.00 price target on the stock in a research note on Tuesday, September 17th. Benchmark reiterated a “hold” rating on shares of Shopify in a research note on Tuesday, August 6th. Finally, Barclays boosted their price target on shares of Shopify from $70.00 to $93.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, seventeen have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Shopify presently has an average rating of “Moderate Buy” and a consensus price target of $94.95.

Institutional Investors Weigh In On Shopify

Hedge funds have recently modified their holdings of the business. Baillie Gifford & Co. lifted its position in Shopify by 14.7% during the third quarter. Baillie Gifford & Co. now owns 63,366,308 shares of the software maker’s stock valued at $5,078,176,000 after acquiring an additional 8,131,160 shares during the last quarter. Capital World Investors lifted its position in Shopify by 26.2% during the first quarter. Capital World Investors now owns 49,764,809 shares of the software maker’s stock valued at $3,840,332,000 after acquiring an additional 10,340,040 shares during the last quarter. Vanguard Group Inc. lifted its position in Shopify by 1.7% during the first quarter. Vanguard Group Inc. now owns 42,881,355 shares of the software maker’s stock valued at $3,309,154,000 after acquiring an additional 713,064 shares during the last quarter. FMR LLC lifted its position in Shopify by 16.1% during the third quarter. FMR LLC now owns 42,306,077 shares of the software maker’s stock valued at $3,389,637,000 after acquiring an additional 5,869,795 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in Shopify by 21.2% during the first 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 last quarter. Hedge funds and other institutional investors own 69.27% of the company’s stock.

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.