Shopify Analysts Cut Their Forecasts After Q3 Results
Avi Kapoor 5 days ago
MarketsTrading IdeasNewsAnalyst RatingsPrice TargetEarnings
Shopify Q3 EPS beat estimates, revenue rose 32% but slightly missed. Q4 forecast topped views; analysts cut price targets to $150 and $180.
Shopify Inc. (NASDAQ:SHOP) on Tuesday reported mixed third-quarter results.
Shopify reported adjusted earnings of 49 cents per share, beating the analyst estimate of 46 cents. Revenue rose 32% year over year to $3.742 billion, slightly below the $3.747 billion consensus.
Shopify expects fourth-quarter revenue of $4.810 billion to $4.884 billion, above the $4.758 billion analyst estimate. The fourth-quarter outlook raised concerns about slowing growth during the key holiday shopping season.
“Shopify is uncommonly good at operating in two realities at the same time: the world our merchants exist in today, and the one they are moving towards. Q3 is the perfect example. We powered $119 billion in GMV, while continuing to build commerce into every surface, every agent, and increasingly, everywhere,” said Harley Finkelstein, President of Shopify.
Shopify shares rose 0.1% to $142.61 in pre-market trading.
These analysts made changes to their price targets on Shopify following earnings announcement.
- Cantor Fitzgerald analyst Deepak Mathivanan maintained the stock with a Neutral and lowered the price target from $158 to $150.
- Rosenblatt analyst Scott Devitt maintained the stock with a Buy and lowered the price target from $186 to $180.
Considering buying SHOP stock? Here’s what analysts think:
Photo via Shutterstock