Shopify Analysts Boost Their Forecasts Following Q3 Earnings Results

Shopify Inc SHOP reported better-than-expected third-quarter sales on Tuesday.

Shopify clocked fiscal third-quarter 2024 revenue growth of 26% year-over-year to $2.16 billion, which beat the analyst consensus estimate of $2.11 billion. The e-commerce platform company reported EPS of 64 cents, which beat analyst consensus estimate of 27 cents. The company reported a net income of $344 million compared to $173 million a year ago.

“Q3 was outstanding, further establishing Shopify as a leader in powering commerce anywhere, anytime. Our unified commerce platform is becoming the go-to choice for merchants of all sizes,” said Harley Finkelstein, President of Shopify. “As the busiest shopping season of the year for our merchants approaches, they trust Shopify to provide the tools, unmatched speed, and reliability to maximize their success.”

Monday.com shares fell 3% to trade at $266.95 on Tuesday.

These analysts made changes to their price targets on Monday.com following earnings announcement.

Piper Sandler analyst Clarke Jeffries maintained Shopify with a Neutral and raised the price target from $67 to $94.
Oppenheimer analyst Ken Wong maintained the stock with an Outperform and raised the price target from $90 to $130.
Baird analyst Colin Sebastian maintained Shopify with an Outperform and raised the price target from $90 to $126.
Mizuho analyst Siti Panigrahi maintained Shopify with a Neutral and raised the price target from $68 to $105.
Canaccord Genuity analyst David Hynes maintained the stock with a Buy and raised the price target from $80 to $125.

Considering buying SHOP stock? Here’s what analysts think: