Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Guggenheim Analyst Says

Key Points

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Etsy (NASDAQ:ETSY - Get Free Report) had its target price lifted by Guggenheim from $50.00 to $70.00 in a report issued on Thursday,Benzinga reports. The firm presently has a "buy" rating on the specialty retailer's stock. Guggenheim's price target indicates a potential upside of 19.11% from the company's current price.

A number of other equities research analysts also recently commented on ETSY. Evercore ISI reduced 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. Citigroup reduced their target price on Etsy from $53.00 to $48.00 and set a "neutral" rating on the stock in a research report on Friday, April 25th. The Goldman Sachs Group cut their price objective on Etsy from $35.00 to $31.00 and set a "sell" rating on the stock in a report on Thursday, May 1st. Barclays reiterated a "positive" rating and issued a $60.00 price objective (up previously from $52.00) on shares of Etsy in a report on Thursday. Finally, Canaccord Genuity Group set a $76.00 price objective on Etsy in a report on Wednesday. Five analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $56.76.

Etsy Price Performance

Etsy stock traded up $0.50 during trading on Thursday, reaching $58.77. 4,639,839 shares of the company were exchanged, compared to its average volume of 5,269,765. Etsy has a 52-week low of $40.05 and a 52-week high of $68.45. The company has a market capitalization of $5.82 billion, a P/E ratio of 47.40, a PEG ratio of 3.18 and a beta of 1.73. The stock's 50 day simple moving average is $56.91 and its two-hundred day simple moving average is $51.44.

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

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total transaction of $77,040.00. Following the completion of the transaction, the insider directly owned 34,683 shares of the company's stock, valued at approximately $1,781,318.88. This represents a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the transaction, the chief technology officer directly owned 2,896 shares of the company's stock, valued at approximately $136,140.96. This represents a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 326,041 shares of company stock valued at $19,664,717. 2.80% of the stock is owned by insiders.

Institutional Trading of Etsy

Large investors have recently made changes to their positions in the company. Signaturefd LLC boosted its position in shares of Etsy by 52.7% in the 2nd quarter. Signaturefd LLC now owns 556 shares of the specialty retailer's stock valued at $28,000 after purchasing an additional 192 shares during the period. True Wealth Design LLC boosted its position in shares of Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock valued at $29,000 after purchasing an additional 292 shares during the period. Hurley Capital LLC acquired a new stake in shares of Etsy in the 4th quarter valued at about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Etsy in the 4th quarter valued at about $34,000. Finally, Allworth Financial LP boosted its position in shares of Etsy by 47.6% in the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock valued at $35,000 after purchasing an additional 248 shares during the period. 99.53% of the stock is 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.