Shopify is set to report its earnings for the fourth quarter of 2020 after the bell on February 12. Wall Street is expecting the company to report earnings of $0.72 per share on revenue of $977.4 million.
Shopify has been on a tear over the past year as more businesses have turned to e-commerce in the wake of the pandemic. The company’s stock is up nearly 170% over the past 12 months, and it hit an all-time high earlier this week.
Shopify’s strong performance has led to analyst upgrades and price Target increases in recent months. Wedbush analyst Aaron Turner raised his price Target on Shopify to a street-high $1,500 per share from $1,200 per share last month, citing the company’s “unparalleled” opportunity in the e-commerce space.
Turner also said that Shopify is well positioned to benefit from the “massive secular tailwinds” in e-commerce that are being accelerated by the pandemic. He expects Shopify to continue to gain market share and said the company is his top pick in the e-commerce space.
Other analysts have also raised their price Targets on Shopify in recent months. Canaccord Genuity analyst David Hynes raised his price Target to $1,400 per share from $1,200 per share last month, while RBC Capital Markets analyst Mark Mahaney raised his price Target to $1,375 per share from $1,250 per share.
What Time Are Shopify Earnings?
Shopify is set to report its earnings for the fourth quarter of 2020 after the bell on February 12.
