Shopify (NYSE:SHOP) Posts Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Shopify (NYSE:SHOP) (TSE:SHOP) announced its earnings results on Wednesday. The software maker reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.06, Briefing.com reports. Shopify had a negative net margin of 2.82% and a positive return on equity of 7.36%. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. The business’s quarterly revenue was up 20.7% compared to the same quarter last year.

Shopify Trading Up 1.1 %

NYSE SHOP traded up $0.75 during mid-day trading on Friday, reaching $69.30. 10,931,244 shares of the stock were exchanged, compared to its average volume of 10,422,090. Shopify has a 1-year low of $45.50 and a 1-year high of $91.57. The business’s fifty day simple moving average is $63.43 and its 200 day simple moving average is $69.89. The stock has a market capitalization of $89.31 billion, a PE ratio of -407.65, a PEG ratio of 3.14 and a beta of 2.30. The company has a debt-to-equity ratio of 0.10, a quick ratio of 7.14 and a current ratio of 7.14.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wedbush reiterated a “neutral” rating and set a $72.00 target price (up previously from $68.00) on shares of Shopify in a research note on Wednesday. Evercore raised their price objective on shares of Shopify from $75.00 to $80.00 in a research report on Thursday. Wolfe Research initiated coverage on shares of Shopify in a research report on Tuesday, July 16th. They issued an “outperform” rating and a $80.00 price objective for the company. TD Securities reduced their price objective on shares of Shopify from $80.00 to $72.00 and set a “hold” rating for the company in a research report on Thursday, May 9th. Finally, Moffett Nathanson downgraded shares of Shopify from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $74.00 to $65.00 in a research report on Thursday, June 6th. One analyst has rated the stock with a sell rating, fifteen have assigned a hold rating and twenty-three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $77.24.

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.