Etsy (NASDAQ:ETSY) Price Target Lowered to $76.00 at Canaccord Genuity Group

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

Other analysts have also recently issued reports about the stock. Citigroup upped their price objective on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Cantor Fitzgerald decreased their price target on Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday. UBS Group dropped their price target on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday. Raymond James reduced their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Finally, Morgan Stanley lowered their target price on Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Etsy currently has an average rating of “Hold” and an average price target of $58.78.

Etsy Price Performance

Shares of ETSY stock opened at $51.26 on Thursday. The stock’s fifty day simple moving average is $54.43 and its 200 day simple moving average is $53.78. Etsy has a one year low of $47.10 and a one year high of $74.82. The firm has a market cap of $5.49 billion, a price-to-earnings ratio of 21.63, a P/E/G ratio of 2.57 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating 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 company had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same period last year, the business earned $0.62 earnings per share. The business’s revenue was up 1.2% on a year-over-year basis. On average, research analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Etsy declared that its Board of Directors has initiated a share buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Nicholas Daniel sold 1,500 shares of the business’s 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 transaction, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Lindbrook Capital LLC raised its stake in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after buying an additional 181 shares during the period. Larson Financial Group LLC increased its holdings in shares of Etsy by 8.7% in the fourth quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock worth $144,000 after acquiring an additional 218 shares in the last quarter. Blue Trust Inc. raised its position in shares of Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the period. Heron Bay Capital Management raised its position in shares of Etsy by 1.3% during the fourth quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after purchasing an additional 258 shares during the period. Finally, Denver PWM LLC lifted its holdings in shares of Etsy by 36.1% during the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock valued at $58,000 after purchasing an additional 289 shares in the last quarter. 99.53% of the stock is 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.