Canaccord Genuity Group Cuts Etsy (NASDAQ:ETSY) Price Target to $105.00

Etsy (NASDAQ:ETSY) had its price objective reduced by Canaccord Genuity Group from $125.00 to $105.00 in a research note published on Thursday morning, Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

ETSY has been the subject of a number of other reports. Evercore ISI decreased their target price on Etsy from $95.00 to $90.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft cut their target price on shares of Etsy from $80.00 to $65.00 and set a hold rating on the stock in a report on Wednesday, April 10th. The Goldman Sachs Group lowered their price objective on shares of Etsy from $80.00 to $70.00 and set a neutral rating on the stock in a research report on Thursday. Wells Fargo & Company reduced their target price on shares of Etsy from $60.00 to $58.00 and set an underweight rating for the company in a report on Thursday. Finally, Needham & Company LLC lowered their price target on Etsy from $95.00 to $75.00 and set a buy rating on the stock in a report on Thursday. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat, Etsy has a consensus rating of Hold and an average target price of $79.96.

Etsy Stock Performance

NASDAQ:ETSY opened at $59.97 on Thursday. Etsy has a 1 year low of $56.60 and a 1 year high of $102.81. The stock has a market cap of $7.01 billion, a P/E ratio of 27.38, a P/E/G ratio of 4.73 and a beta of 2.00. The stock has a 50-day simple moving average of $67.77 and a 200-day simple moving average of $71.55.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.01). Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $646.30 million. During the same quarter in the prior year, the company earned $0.53 earnings per share. The business’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities research analysts predict that Etsy will post 2.57 EPS for the current year.

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.01, for a total transaction of $49,507.50. Following the completion of the transaction, the insider now owns 19,682 shares of the company’s stock, valued at $1,299,208.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the sale, the chief accounting officer now owns 2,827 shares in the company, valued at $183,868.08. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the transaction, the insider now owns 19,682 shares of the company’s stock, valued at $1,299,208.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently added to or reduced their stakes in ETSY. Bares Capital Management Inc. boosted its stake in Etsy by 57.8% in the 3rd quarter. Bares Capital Management Inc. now owns 4,043,715 shares of the specialty retailer’s stock worth $261,143,000 after buying an additional 1,480,655 shares during the last quarter. Norges Bank purchased a new position in shares of Etsy during the 4th quarter worth about $86,494,000. Van ECK Associates Corp grew its holdings in Etsy by 40.3% in the third quarter. Van ECK Associates Corp now owns 3,649,213 shares of the specialty retailer’s stock valued at $235,666,000 after purchasing an additional 1,047,811 shares during the period. TD Asset Management Inc raised its stake in Etsy by 260.2% during the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock worth $106,920,000 after purchasing an additional 952,907 shares during the period. Finally, Epoch Investment Partners Inc. boosted its holdings in shares of Etsy by 84.4% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,309,510 shares of the specialty retailer’s stock valued at $106,136,000 after purchasing an additional 599,286 shares during the last quarter. 99.53% of the stock is currently 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.