Canaccord Genuity Group Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective reduced by stock analysts at Canaccord Genuity Group from $105.00 to $76.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price target points to a potential upside of 48.26% from the company’s current price.

A number of other brokerages also recently commented on ETSY. Truist Financial dropped their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Citigroup upped their target price on shares of Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Deutsche Bank Aktiengesellschaft cut shares of Etsy to a “hold” rating and lowered their target price for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Cantor Fitzgerald lowered their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Moffett Nathanson upped their target price on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $60.08.

Etsy Trading Down 0.3 %

Shares of NASDAQ:ETSY opened at $51.26 on Thursday. Etsy has a 52 week low of $47.10 and a 52 week high of $74.82. The company’s 50 day moving average is $54.43 and its two-hundred day moving average is $53.78. The company has a market cap of $5.77 billion, a PE ratio of 21.63, a P/E/G ratio of 2.55 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. During the same period in the prior year, the firm posted $0.62 EPS. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts expect that Etsy will post 2.6 EPS for the current year.

Etsy declared that its Board of Directors has initiated a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the transaction, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of large investors have recently made changes to their positions in ETSY. Blue Trust Inc. increased its holdings in 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 acquiring an additional 231 shares in the last quarter. Lindbrook Capital LLC increased its holdings in Etsy by 55.7% during 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 increased its holdings in Etsy by 112.7% during 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 purchased a new position in Etsy during the 4th quarter valued at about $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in Etsy during the 4th quarter valued at about $34,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.