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

Etsy (NASDAQ:ETSY) had its price objective decreased by stock analysts at Canaccord Genuity Group from $105.00 to $76.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s target price points to a potential upside of 48.96% from the stock’s previous close.

A number of other analysts have also recently issued reports on ETSY. Cantor Fitzgerald decreased their target price on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday. Bank of America reduced their price objective on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and increased their target price for the company from $45.00 to $55.00 in a research note on Monday, January 13th. Moffett Nathanson raised their target price on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Citigroup increased their price objective on shares of Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $60.63.

Etsy Stock Performance

Etsy stock traded down $0.51 during trading on Thursday, reaching $51.02. The company had a trading volume of 1,760,294 shares, compared to its average volume of 3,209,437. The firm has a market capitalization of $5.74 billion, a price-to-earnings ratio of 26.07, a PEG ratio of 2.83 and a beta of 2.00. Etsy has a 12-month low of $47.10 and a 12-month high of $78.65. The stock’s 50 day moving average price is $54.73 and its two-hundred day moving average price is $53.83.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping 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 business had revenue of $852.16 million during 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 business’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, research analysts expect that Etsy will post 2.25 earnings per share for the current 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 shares. This buyback authorization allows the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the sale, the insider now directly owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Pacer Advisors Inc. boosted its position in shares of Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the period. Norges Bank acquired a new position in shares of Etsy in the fourth quarter worth about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Etsy in the third quarter worth approximately $55,530,000. Holocene Advisors LP acquired a new stake in shares of Etsy during the third quarter valued at approximately $49,061,000. Finally, Assenagon Asset Management S.A. lifted its position in shares of Etsy by 132.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after acquiring an additional 850,520 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.