Canaccord Genuity Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective cut by equities research analysts at Canaccord Genuity Group from $105.00 to $76.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price target would suggest a potential upside of 48.26% from the company’s current price.

Several other equities research analysts have also recently issued reports on the stock. UBS Group decreased their price target on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday. JMP Securities reissued a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and raised their target price for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. Citigroup raised their target price on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Finally, Stifel Nicolaus decreased their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday, October 28th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $60.08.

Etsy Price Performance

Etsy stock opened at $51.26 on Thursday. Etsy has a 12-month low of $47.10 and a 12-month high of $74.82. The stock has a market capitalization of $5.77 billion, a P/E ratio of 21.63, a P/E/G ratio of 2.55 and a beta of 2.00. The firm’s 50-day moving average is $54.43 and its two-hundred day moving average is $53.78.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same period last year, the company earned $0.62 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, analysts forecast that Etsy will post 2.6 EPS for the current year.

Etsy announced that its board has initiated a share repurchase plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the sale, 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 filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in Etsy by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock valued at $651,056,000 after acquiring an additional 56,772 shares in the last quarter. Pacer Advisors Inc. raised its holdings in Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Renaissance Technologies LLC raised its holdings in shares of Etsy by 4.5% during the fourth quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after purchasing an additional 235,550 shares during the period. Van ECK Associates Corp raised its holdings in shares of Etsy by 17.4% during the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock worth $186,583,000 after purchasing an additional 522,111 shares during the period. Finally, DAVENPORT & Co LLC raised its holdings in shares of Etsy by 12.1% during the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock worth $92,452,000 after purchasing an additional 188,386 shares during the period. 99.53% of the stock is 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.