Zacks: Brokerages Anticipate Shopify Inc (NYSE:SHOP) Will Post Quarterly Sales of $498.22 Million

Brokerages expect Shopify Inc (NYSE:SHOP) (TSE:SHOP) to announce $498.22 million in sales for the current fiscal quarter, according to Zacks Investment Research. Twenty Seven analysts have issued estimates for Shopify’s earnings, with estimates ranging from $469.00 million to $547.16 million. Shopify reported sales of $361.98 million in the same quarter last year, which indicates a positive year over year growth rate of 37.6%. The company is scheduled to announce its next quarterly earnings report on Thursday, August 6th.

On average, analysts expect that Shopify will report full-year sales of $2.16 billion for the current fiscal year, with estimates ranging from $1.94 billion to $2.30 billion. For the next financial year, analysts anticipate that the firm will post sales of $2.89 billion, with estimates ranging from $2.44 billion to $3.23 billion. Zacks’ sales averages are a mean average based on a survey of research firms that that provide coverage for Shopify.

Shopify (NYSE:SHOP) (TSE:SHOP) last announced its quarterly earnings data on Wednesday, May 6th. The software maker reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.89. Shopify had a negative net margin of 7.65% and a negative return on equity of 2.56%. The company had revenue of $470.00 million during the quarter, compared to analysts’ expectations of $442.92 million. During the same quarter in the prior year, the company earned $0.09 EPS. Shopify’s revenue was up 46.6% compared to the same quarter last year.

SHOP has been the topic of several recent analyst reports. Royal Bank of Canada boosted their target price on shares of Shopify from $825.00 to $1,000.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Oppenheimer began coverage on shares of Shopify in a report on Wednesday, May 6th. They issued a “hold” rating on the stock. Goldman Sachs Group upped their price objective on shares of Shopify from $786.00 to $1,127.00 and gave the stock a “neutral” rating in a report on Monday. Loop Capital upped their price objective on shares of Shopify from $350.00 to $700.00 and gave the stock a “hold” rating in a report on Thursday, May 7th. Finally, KeyCorp restated an “overweight” rating and issued a $1,000.00 price objective (up from $805.00) on shares of Shopify in a report on Wednesday, June 24th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and eleven have given a buy rating to the company’s stock. Shopify presently has a consensus rating of “Hold” and an average target price of $700.75.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Squar Milner Financial Services LLC increased its stake in shares of Shopify by 102.5% in the first quarter. Squar Milner Financial Services LLC now owns 81 shares of the software maker’s stock worth $33,000 after buying an additional 41 shares during the last quarter. Key Financial Inc bought a new stake in shares of Shopify in the first quarter worth $34,000. Nelson Van Denburg & Campbell Wealth Management Group LLC increased its stake in shares of Shopify by 516.7% in the second quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 37 shares of the software maker’s stock worth $35,000 after buying an additional 31 shares during the last quarter. PrairieView Partners LLC bought a new stake in shares of Shopify in the first quarter worth $38,000. Finally, PSI Advisors LLC bought a new stake in shares of Shopify in the fourth quarter worth $39,000. Institutional investors and hedge funds own 60.27% of the company’s stock.

NYSE:SHOP traded up $13.33 on Friday, hitting $1,029.97. The stock had a trading volume of 3,459,300 shares, compared to its average volume of 3,112,918. The company has a quick ratio of 9.45, a current ratio of 9.45 and a debt-to-equity ratio of 0.04. The stock has a market cap of $120.77 billion, a price-to-earnings ratio of -887.91 and a beta of 1.61. The company has a fifty day moving average price of $811.26 and a two-hundred day moving average price of $559.72. Shopify has a 1-year low of $282.08 and a 1-year high of $1,059.44.

About Shopify

Shopify Inc provides a cloud-based multi-channel commerce platform for small and medium-sized businesses in the United States, the United Kingdom, Canada, Australia, and internationally. Its platform provides merchants with a single view of business and customers in various sales channels, including Web and mobile storefronts, physical retail locations, social media storefronts, and marketplaces; and enables to manage products and inventory, process orders and payments, ship orders, build customer relationships, leverage analytics and reporting, and access financing.

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