Etsy (NASDAQ:ETSY) Price Target Raised to $68.00

Key Points

• Canaccord Genuity Group raised Etsy's price target from $62.00 to $68.00, maintaining a "buy" rating, suggesting a potential upside of 7.56% from its current stock price.
• Multiple analysts have recently increased their price targets for Etsy, with Truist Financial and Raymond James Financial also issuing "buy" ratings alongside revised targets of $60.00 and $70.00, respectively.
• Etsy's stock has shown mixed performance, trading at $63.22 with a 52-week range of $40.05 to $66.31 and a market capitalization of $6.59 billion, reflecting a PE ratio of 45.11.

Etsy (NASDAQ:ETSY - Free Report) had its price target lifted by Canaccord Genuity Group from $62.00 to $68.00 in a report published on Monday,Benzinga reports. Canaccord Genuity Group currently has a buy rating on the specialty retailer's stock.

A number of other equities research analysts have also commented on ETSY. Evercore ISI dropped their target price on Etsy from $60.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Stifel Nicolaus decreased their target price on shares of Etsy from $51.00 to $45.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Arete cut shares of Etsy from a "neutral" rating to a "sell" rating and set a $43.00 price target for the company. in a research note on Wednesday, June 11th. UBS Group increased their price target on Etsy from $45.00 to $62.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Citigroup decreased their target price on Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a research note on Friday, April 25th. Five analysts have rated the stock with a sell rating, sixteen have given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Etsy currently has an average rating of "Hold" and a consensus price target of $56.76.

Etsy Stock Performance

Shares of NASDAQ ETSY traded up $0.50 during midday trading on Monday, hitting $58.77. 4,639,839 shares of the company's stock traded hands, compared to its average volume of 4,831,549. The firm has a fifty day moving average of $56.68 and a 200 day moving average of $51.42. The stock has a market capitalization of $6.13 billion, a price-to-earnings ratio of 47.40, a price-to-earnings-growth ratio of 3.36 and a beta of 1.74. Etsy has a 1 year low of $40.05 and a 1 year high of $68.45.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a negative return on equity of 31.10% and a net margin of 5.78%. The business had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. During the same quarter in the prior year, the firm posted $0.41 EPS. The company's revenue for the quarter was up 3.8% on a year-over-year basis. On average, equities analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insider Buying and Selling

In other Etsy news, Director Melissa Reiff sold 6,909 shares of the stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $58.89, for a total value of $406,871.01. Following the sale, the director directly owned 16,424 shares in the company, valued at $967,209.36. This represents a 29.61% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $51.36, for a total value of $77,040.00. Following the transaction, the insider owned 34,683 shares in the company, valued at $1,781,318.88. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 326,041 shares of company stock valued at $19,664,717. 2.80% of the stock is owned by corporate insiders.

Institutional Trading of Etsy

Several large investors have recently modified their holdings of the business. HighTower Advisors LLC bought a new position in shares of Etsy in the 4th quarter worth about $218,000. Vanguard Group Inc. lifted its holdings in Etsy by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer's stock valued at $651,056,000 after purchasing an additional 56,772 shares in the last quarter. Norges Bank bought a new stake in shares of Etsy during the fourth quarter valued at approximately $74,235,000. Summit Securities Group LLC bought a new stake in shares of Etsy during the fourth quarter valued at approximately $37,000. Finally, CIBC Private Wealth Group LLC increased its position in Etsy by 2,298.0% in the fourth quarter. CIBC Private Wealth Group LLC now owns 52,444 shares of the specialty retailer's stock worth $2,802,000 after purchasing an additional 50,257 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

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.