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

Etsy (NASDAQ:ETSY) had its target price dropped by research analysts at Stifel Nicolaus from $56.00 to $51.00 in a report issued on Thursday,Benzinga reports. The firm presently has a “hold” rating on the specialty retailer’s stock. Stifel Nicolaus’ price objective indicates a potential upside of 0.51% from the stock’s current price.

ETSY has been the subject of several other research reports. Barclays decreased their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Etsy in a research report on Thursday. Canaccord Genuity Group decreased their target price on Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday. Truist Financial decreased their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Finally, Deutsche Bank Aktiengesellschaft lowered Etsy to a “hold” rating and decreased their target price for the stock from $45.00 to $43.00 in a research report on Wednesday, February 12th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $60.42.

Etsy Trading Down 1.5 %

NASDAQ ETSY traded down $0.79 during mid-day trading on Thursday, reaching $50.74. 2,910,184 shares of the company’s stock traded hands, compared to its average volume of 3,242,498. Etsy has a 1-year low of $47.10 and a 1-year high of $78.65. The company has a fifty day simple moving average of $54.73 and a 200-day simple moving average of $53.83. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 25.89, a P/E/G ratio of 2.83 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 for the quarter, beating 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 firm had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. During the same quarter last year, the firm earned $0.62 EPS. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. Equities research analysts forecast that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its board has approved a share buyback program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the sale, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently modified their holdings of ETSY. Pacer Advisors Inc. grew its holdings 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 worth $331,067,000 after acquiring an additional 3,861,668 shares during the last quarter. Norges Bank acquired a new position in shares of Etsy in the 4th quarter worth $74,235,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Etsy in the 3rd quarter worth $55,530,000. Holocene Advisors LP acquired a new position in shares of Etsy in the 3rd quarter worth $49,061,000. Finally, Assenagon Asset Management S.A. grew its holdings 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 worth $78,827,000 after acquiring an additional 850,520 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.