These Analysts Increase Their Forecasts On Shopify Following Q2 Results

Shopify Inc. SHOP reported better-than-expected second-quarter earnings and sales results.

Shopify said second-quarter revenue increased 31% year-over-year to $1.69 billion, which beat the consensus estimate of $1.62 billion. The e-commerce platform company reported adjusted quarterly earnings of 14 cents per share, which beat analyst estimates of 6 cents per share.

Shopify said it expects third-quarter revenue to grow at a low-twenties percentage rate on a year-over-year basis. The gross margin is expected to be 2% or 3% higher than the second quarter gross margin of 49.3%.

Shopify shares fell 1.1% to $61.75 in pre-market trading.

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

• Piper Sandler raised the price target on Shopify from $50 to $58. Piper Sandler analyst Clarke Jeffries maintained a Neutral rating.
• Barclays increased the price target on Shopify from $50 to $53. Barclays analyst Trevor Young maintained an Equal-Weight rating.

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