Piper Sandler Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY - Get Free Report) had its price objective reduced by Piper Sandler from $52.00 to $40.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has a "neutral" rating on the specialty retailer's stock. Piper Sandler's target price points to a potential downside of 5.12% from the stock's previous close.

Several other brokerages have also recently weighed in on ETSY. Wells Fargo & Company lowered their price objective on Etsy from $47.00 to $46.00 and set an "underweight" rating for the company in a research report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft downgraded shares of Etsy to a "hold" rating and cut their price objective for the company from $45.00 to $43.00 in a research report on Wednesday, February 12th. UBS Group dropped their target price on shares of Etsy from $55.00 to $54.00 and set a "neutral" rating on the stock in a research note on Thursday, February 20th. Cantor Fitzgerald decreased their price objective on shares of Etsy from $46.00 to $43.00 and set a "neutral" rating for the company in a report on Thursday, February 20th. Finally, Citigroup cut their target price on Etsy from $56.00 to $53.00 and set a "neutral" rating on the stock in a research note on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $56.58.

Etsy Trading Down 3.1 %

ETSY stock traded down $1.34 during midday trading on Friday, hitting $42.16. The company had a trading volume of 1,210,885 shares, compared to its average volume of 3,799,369. Etsy has a 52 week low of $40.05 and a 52 week high of $71.72. The stock's 50 day moving average price is $48.31 and its 200 day moving average price is $51.71. The stock has a market cap of $4.51 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly 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. The business had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. Etsy's quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.62 EPS. Analysts predict that Etsy will post 2.57 earnings per share for the current year.

Insider Transactions at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now owns 22,198 shares of the company's stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 21,666 shares of the firm's stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the transaction, the chief executive officer now owns 5,004 shares of the company's stock, valued at approximately $260,458.20. The trade was a 81.24 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 50,952 shares of company stock valued at $2,554,620. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ETSY. M&T Bank Corp grew its stake in shares of Etsy by 18.8% in the 3rd quarter. M&T Bank Corp now owns 5,600 shares of the specialty retailer's stock worth $311,000 after buying an additional 885 shares in the last quarter. Coldstream Capital Management Inc. grew its position in Etsy by 11.6% in the third quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer's stock worth $239,000 after acquiring an additional 448 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its stake in Etsy by 32.0% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 27,911 shares of the specialty retailer's stock worth $1,550,000 after acquiring an additional 6,766 shares during the last quarter. Principal Financial Group Inc. raised its position in Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer's stock valued at $30,125,000 after purchasing an additional 411,165 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Etsy by 153.1% in the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer's stock valued at $44,000 after purchasing an additional 499 shares during the last quarter. 99.53% of the stock is currently 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.