Stifel Nicolaus Cuts Etsy (NASDAQ:ETSY) Price Target to $56.00

Etsy (NASDAQ:ETSY) had its target price cut by equities research analysts at Stifel Nicolaus from $64.00 to $56.00 in a report released on Monday, Benzinga reports. The firm currently has a “hold” rating on the specialty retailer’s stock. Stifel Nicolaus’ target price points to a potential upside of 13.25% from the stock’s current price.

A number of other brokerages have also commented on ETSY. Evercore ISI upgraded Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Loop Capital decreased their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. Raymond James dropped their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. Finally, Wells Fargo & Company decreased their target price on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research report on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $66.48.

Etsy Price Performance

ETSY traded up $0.81 on Monday, hitting $49.45. The company had a trading volume of 189,794 shares, compared to its average volume of 3,702,626. The stock has a market cap of $5.67 billion, a price-to-earnings ratio of 23.00, a price-to-earnings-growth ratio of 4.85 and a beta of 1.97. The company’s fifty day moving average price is $53.09 and its 200 day moving average price is $58.65. Etsy has a 1-year low of $48.07 and a 1-year high of $89.58.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.46 by ($0.05). The firm had revenue of $647.80 million for the quarter, compared to the consensus estimate of $629.87 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. Etsy’s quarterly revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. On average, sell-side analysts forecast that Etsy will post 2.38 EPS for the current year.

Insider Activity

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders sold a total of 5,619 shares of company stock valued at $300,670 over the last three months. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of hedge funds have recently made changes to their positions in the company. Marshall Wace LLP grew its holdings in Etsy by 304.2% during the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares during the period. Van ECK Associates Corp lifted its holdings in Etsy by 14.3% during the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after buying an additional 721,454 shares during the period. Pacer Advisors Inc. grew its position in shares of Etsy by 52.3% in the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock valued at $123,875,000 after buying an additional 721,453 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in shares of Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after purchasing an additional 517,480 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.