Canaccord Genuity Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective lowered by research analysts at Canaccord Genuity Group from $76.00 to $72.00 in a research note issued on Monday,Benzinga reports. The firm presently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price target would indicate a potential upside of 56.08% from the stock’s previous close.

Several other equities research analysts have also recently commented on ETSY. Wells Fargo & Company cut their price target on Etsy from $47.00 to $46.00 and set an “underweight” rating for the company in a report on Wednesday, April 2nd. UBS Group reduced their price target on Etsy from $54.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and lifted their price target for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Loop Capital reduced their target price on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research report on Thursday, February 20th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Etsy in a report on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $54.30.

Etsy Trading Up 0.5 %

ETSY stock opened at $46.13 on Monday. Etsy has a 12-month low of $40.05 and a 12-month high of $71.72. The business’s 50-day moving average is $46.43 and its 200 day moving average is $51.26. The stock has a market cap of $4.86 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.62 EPS. As a group, equities analysts forecast that Etsy will post 2.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $48.23, for a total value of $1,044,951.18. Following the transaction, the chief executive officer now directly owns 31,818 shares in the company, valued at approximately $1,534,582.14. The trade was a 40.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total transaction of $81,118.40. The disclosure for this sale can be found here. Insiders have sold a total of 50,952 shares of company stock valued at $2,554,620 over the last quarter. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently added to or reduced their stakes in ETSY. Lindbrook Capital LLC increased its holdings in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the period. True Wealth Design LLC grew its position in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 292 shares during the last quarter. Hurley Capital LLC acquired a new position in Etsy in the 4th quarter valued at $32,000. Strategic Investment Solutions Inc. IL purchased a new position in Etsy during the 4th quarter worth $34,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Etsy in the 4th quarter worth $37,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.