Citigroup Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target lowered by Citigroup from $53.00 to $48.00 in a research report report published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the specialty retailer’s stock.

Several other equities analysts also recently issued reports on ETSY. Canaccord Genuity Group reduced their price target on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a report on Thursday, February 20th. UBS Group reduced their target price on shares of Etsy from $54.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Stifel Nicolaus dropped their price target on shares of Etsy from $51.00 to $45.00 and set a “hold” rating on the stock in a research note on Wednesday. Cantor Fitzgerald reduced their price objective on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, February 20th. Finally, The Goldman Sachs Group lowered their target price on Etsy from $45.00 to $35.00 and set a “sell” rating on the stock in a research report on Tuesday. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $55.54.

Etsy Stock Up 0.7 %

Shares of NASDAQ:ETSY opened at $45.86 on Friday. The firm has a 50-day simple moving average of $46.64 and a 200 day simple moving average of $51.30. Etsy has a fifty-two week low of $40.05 and a fifty-two week high of $71.72. The company has a market cap of $4.83 billion, a PE ratio of 19.35, a P/E/G ratio of 2.57 and a beta of 2.15.

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

Insider Buying and Selling

In related news, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction dated Tuesday, April 1st. The stock was 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 owns 31,818 shares of the company’s stock, valued at approximately $1,534,582.14. This trade represents a 40.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Toni Thompson Nadal sold 1,444 shares of the company’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.30, for a total transaction of $69,745.20. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at $28,593.60. This represents a 70.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,952 shares of company stock worth $2,554,620 in the last three months. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new stake in shares of Etsy in the fourth quarter worth $74,235,000. Assenagon Asset Management S.A. boosted its position in Etsy by 132.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after acquiring an additional 850,520 shares during the period. Victory Capital Management Inc. grew its stake in Etsy by 703.8% during the 4th quarter. Victory Capital Management Inc. now owns 812,671 shares of the specialty retailer’s stock valued at $42,982,000 after acquiring an additional 711,572 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Etsy by 17.4% in the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock valued at $186,583,000 after purchasing an additional 522,111 shares during the period. Finally, AQR Capital Management LLC lifted its position in shares of Etsy by 89.1% in the fourth quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer’s stock worth $47,042,000 after purchasing an additional 419,038 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.