Etsy (NASDAQ:ETSY) Price Target Lowered to $72.00 at Canaccord Genuity Group

Etsy (NASDAQ:ETSY - Get Free Report) had its target price decreased by equities researchers at Canaccord Genuity Group from $76.00 to $72.00 in a report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the specialty retailer's stock. Canaccord Genuity Group's target price would suggest a potential upside of 69.37% from the company's previous close.

ETSY has been the subject of a number of other research reports. Cantor Fitzgerald decreased their target price on Etsy from $46.00 to $43.00 and set a "neutral" rating for the company in a research report on Thursday, February 20th. Jefferies Financial Group raised Etsy from an "underperform" rating to a "hold" rating and upped their target price for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. Piper Sandler decreased their target price on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Stifel Nicolaus cut their price target on Etsy from $51.00 to $45.00 and set a "hold" rating for the company in a report on Wednesday, April 23rd. Finally, Morgan Stanley cut their price target on Etsy from $44.00 to $40.00 and set an "underweight" rating for the company in a report on Thursday, April 17th. Four research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Etsy has an average rating of "Hold" and an average price target of $52.54.

Etsy Stock Performance

Shares of NASDAQ ETSY traded down $0.97 during trading hours on Monday, hitting $42.51. The stock had a trading volume of 6,404,159 shares, compared to its average volume of 3,913,157. The company has a market capitalization of $4.47 billion, a P/E ratio of 17.94, a P/E/G ratio of 2.57 and a beta of 2.15. The firm's 50-day moving average price is $46.05 and its two-hundred day moving average price is $51.15. Etsy has a 52 week low of $40.05 and a 52 week high of $66.93.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). The company had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm's revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the company earned $0.48 EPS. As a group, analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,444 shares of the business's stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.30, for a total value of $69,745.20. Following the transaction, the insider now directly owns 592 shares in the company, valued at $28,593.60. The trade was a 70.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the company's stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. The trade was a 6.33 % 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 over the last quarter. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its position 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 in the last quarter. Renaissance Technologies LLC raised its stake 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 buying an additional 235,550 shares during the last quarter. Van ECK Associates Corp raised its stake 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 buying an additional 522,111 shares during the last quarter. Assenagon Asset Management S.A. raised its stake in shares of Etsy by 36.0% during 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 buying an additional 535,864 shares during the last quarter. Finally, DAVENPORT & Co LLC raised its stake 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 buying an additional 188,386 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.