Etsy (NASDAQ:ETSY) Price Target Cut to $76.00 by Analysts at Canaccord Genuity Group

Etsy (NASDAQ:ETSY) had its price target decreased by Canaccord Genuity Group from $105.00 to $76.00 in a research report sent to investors on Thursday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the specialty retailer’s stock.

A number of other brokerages have also commented on ETSY. Wells Fargo & Company lifted their price objective on Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research report on Thursday. Moffett Nathanson lifted their price objective on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Citigroup lifted their price objective on Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. UBS Group lowered their price objective on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday. Finally, JMP Securities reiterated a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy Stock Performance

Shares of NASDAQ:ETSY opened at $51.40 on Thursday. Etsy has a twelve month low of $47.10 and a twelve month high of $78.65. The firm has a market cap of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00. The business has a fifty day moving average of $54.58 and a 200-day moving average of $53.81.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. During the same period last year, the company posted $0.62 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, analysts anticipate that Etsy will post 2.25 EPS for the current fiscal year.

Etsy declared that its board has authorized a stock buyback plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Institutional investors have recently modified their holdings of the business. Blue Trust Inc. lifted its holdings in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares in the last quarter. Lindbrook Capital LLC lifted its stake in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares in the last quarter. True Wealth Design LLC lifted its stake 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 acquiring an additional 292 shares in the last quarter. Hurley Capital LLC bought a new stake in Etsy in the 4th quarter valued at approximately $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Etsy in the 4th quarter valued at approximately $34,000. Institutional investors 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.