JPMorgan Chase & Co. Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its target price reduced by investment analysts at JPMorgan Chase & Co. from $50.00 to $42.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. JPMorgan Chase & Co.‘s price target would indicate a potential upside of 0.39% from the company’s previous close.

A number of other analysts also recently weighed in on the company. UBS Group decreased their price target on Etsy from $55.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Canaccord Genuity Group cut their price target on Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, February 20th. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and raised their target price for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. JMP Securities reissued a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. Finally, Morgan Stanley lowered their price objective on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday, February 20th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Etsy has an average rating of “Hold” and an average target price of $57.71.

Etsy Price Performance

Shares of ETSY traded down $1.81 during midday trading on Tuesday, reaching $41.84. 2,780,874 shares of the stock were exchanged, compared to its average volume of 3,764,518. The company has a market capitalization of $4.48 billion, a price-to-earnings ratio of 17.66, a PEG ratio of 2.57 and a beta of 2.15. Etsy has a twelve month low of $41.48 and a twelve month high of $71.72. The business’s 50-day moving average price is $50.25 and its 200 day moving average price is $52.35.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. The business had revenue of $852.16 million during 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 business’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company earned $0.62 earnings per share. As a group, equities research analysts expect that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,444 shares of Etsy stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $48.30, for a total transaction of $69,745.20. Following the sale, the insider now owns 592 shares of the company’s stock, valued at $28,593.60. The trade was a 70.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Josh Silverman sold 21,666 shares of the firm’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the transaction, the chief executive officer now directly owns 5,004 shares in the company, valued at approximately $260,458.20. The trade was a 81.24 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,952 shares of company stock valued at $2,554,620. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently made changes to their positions in ETSY. DJE Kapital AG acquired a new stake in shares of Etsy during the fourth quarter valued at approximately $983,000. Charles Schwab Investment Management Inc. increased its position in Etsy by 12.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer’s stock worth $59,820,000 after purchasing an additional 122,126 shares during the last quarter. Principal Financial Group Inc. raised its stake in shares of Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after purchasing an additional 411,165 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of Etsy during the 4th quarter valued at about $492,000. Finally, Intech Investment Management LLC bought a new stake in shares of Etsy in the 4th quarter valued at approximately $751,000. 99.53% of the stock is currently owned by institutional investors.

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.