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Shopify (SHOP) Advances While Market Declines: Some Information for Investors
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The most recent trading session ended with Shopify (SHOP - Free Report) standing at $54.17, reflecting a +1.67% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 0.01%. On the other hand, the Dow registered a gain of 0.04%, and the technology-centric Nasdaq decreased by 0.25%.
The cloud-based commerce company's stock has dropped by 10.45% in the past month, falling short of the Computer and Technology sector's loss of 0.05% and the S&P 500's loss of 1.6%.
The investment community will be paying close attention to the earnings performance of Shopify in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company's earnings per share (EPS) are projected to be $0.15, reflecting an 850% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.66 billion, indicating a 21.49% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.53 per share and revenue of $6.91 billion, which would represent changes of +1225% and +23.46%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Shopify. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been a 48.57% rise in the Zacks Consensus EPS estimate. Shopify is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Shopify currently has a Forward P/E ratio of 101.07. This denotes a premium relative to the industry's average Forward P/E of 25.19.
The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 74, putting it in the top 30% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SHOP in the coming trading sessions, be sure to utilize Zacks.com.
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Shopify (SHOP) Advances While Market Declines: Some Information for Investors
The most recent trading session ended with Shopify (SHOP - Free Report) standing at $54.17, reflecting a +1.67% shift from the previouse trading day's closing. The stock's performance was ahead of the S&P 500's daily loss of 0.01%. On the other hand, the Dow registered a gain of 0.04%, and the technology-centric Nasdaq decreased by 0.25%.
The cloud-based commerce company's stock has dropped by 10.45% in the past month, falling short of the Computer and Technology sector's loss of 0.05% and the S&P 500's loss of 1.6%.
The investment community will be paying close attention to the earnings performance of Shopify in its upcoming release. The company is slated to reveal its earnings on November 2, 2023. The company's earnings per share (EPS) are projected to be $0.15, reflecting an 850% increase from the same quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $1.66 billion, indicating a 21.49% increase compared to the same quarter of the previous year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $0.53 per share and revenue of $6.91 billion, which would represent changes of +1225% and +23.46%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Shopify. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, there's been a 48.57% rise in the Zacks Consensus EPS estimate. Shopify is holding a Zacks Rank of #2 (Buy) right now.
Digging into valuation, Shopify currently has a Forward P/E ratio of 101.07. This denotes a premium relative to the industry's average Forward P/E of 25.19.
The Internet - Services industry is part of the Computer and Technology sector. This group has a Zacks Industry Rank of 74, putting it in the top 30% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow SHOP in the coming trading sessions, be sure to utilize Zacks.com.