The Goldman Sachs Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY - Get Free Report) had its price target dropped by equities researchers at The Goldman Sachs Group from $45.00 to $35.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a "sell" rating on the specialty retailer's stock. The Goldman Sachs Group's price objective would suggest a potential downside of 23.68% from the stock's previous close.

A number of other equities research analysts also recently commented on the stock. UBS Group lowered their price target on shares of Etsy from $54.00 to $46.00 and set a "neutral" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. reduced their price target on Etsy from $50.00 to $42.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 8th. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Etsy in a research report on Thursday, February 20th. Loop Capital reduced their target price on Etsy from $45.00 to $40.00 and set a "sell" rating on the stock in a research report on Thursday, February 20th. Finally, Piper Sandler cut their price objective on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Four equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $55.54.

Etsy Price Performance

Shares of NASDAQ ETSY traded up $0.31 on Tuesday, hitting $45.86. The company's stock had a trading volume of 3,742,202 shares, compared to its average volume of 3,862,639. The stock has a 50 day moving average of $46.64 and a 200-day moving average of $51.31. Etsy has a 12-month low of $40.05 and a 12-month high of $71.72. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $852.16 million for the quarter, compared to analysts' expectations of $861.37 million. During the same quarter in the prior year, the firm earned $0.62 EPS. Etsy's quarterly revenue was up 1.2% on a year-over-year basis. Sell-side analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the company's stock in a transaction on Tuesday, April 1st. The shares were sold at an average price of $48.23, for a total value of $1,044,951.18. Following the sale, the chief executive officer now directly owns 31,818 shares of the company's stock, valued at $1,534,582.14. This represents a 40.51 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $48.30, for a total transaction of $69,745.20. Following the transaction, the insider now owns 592 shares in the company, valued at $28,593.60. This trade represents a 70.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 50,952 shares of company stock valued at $2,554,620 in the last three months. Corporate insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Etsy

Several institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Etsy by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer's stock worth $651,056,000 after purchasing an additional 56,772 shares during the period. Renaissance Technologies LLC grew its position in shares of Etsy by 4.5% during the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer's stock valued at $286,751,000 after buying an additional 235,550 shares during the last quarter. Van ECK Associates Corp raised its stake in 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 acquiring an additional 522,111 shares during the period. Assenagon Asset Management S.A. lifted its holdings in Etsy by 36.0% in the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock worth $95,599,000 after acquiring an additional 535,864 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its stake in Etsy by 12.1% in the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer's stock valued at $92,452,000 after acquiring 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.