Etsy (NASDAQ:ETSY) Price Target Raised to $68.00

Etsy (NASDAQ:ETSY) had its price target lifted by Canaccord Genuity Group from $62.00 to $68.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the specialty retailer’s stock.

A number of other research analysts also recently commented on the stock. Bank of America dropped their target price on shares of Etsy from $55.00 to $50.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 8th. Citizens Jmp raised shares of Etsy to a “hold” rating in a research report on Thursday, July 10th. B. Riley dropped their target price on shares of Etsy from $62.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday, May 1st. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Etsy in a research report on Wednesday, April 30th. Finally, Raymond James Financial increased their target price on shares of Etsy from $50.00 to $70.00 and gave the company an “outperform” rating in a research report on Tuesday, July 22nd. Five equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Etsy presently has a consensus rating of “Hold” and an average price target of $52.42.

Etsy Trading Up 2.8%

Shares of NASDAQ:ETSY opened at $61.98 on Monday. Etsy has a 52 week low of $40.05 and a 52 week high of $68.45. The company’s 50 day moving average is $56.48 and its two-hundred day moving average is $51.38. The company has a market cap of $6.46 billion, a PE ratio of 44.27, a P/E/G ratio of 3.29 and a beta of 1.74.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data 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 6.69% and a negative return on equity of 39.60%. The firm had revenue of $672.66 million during the quarter, compared to analysts’ expectations of $645.16 million. During the same period in the prior year, the company posted $0.41 earnings per share. The company’s revenue for the quarter was up 3.8% on a year-over-year basis. As a group, equities research analysts expect that Etsy will post 2.57 EPS for the current year.

Insiders Place Their Bets

In other news, CTO Richard Edward Colburn III sold 2,350 shares of the firm’s stock in a transaction on Friday, May 16th. The shares were sold at an average price of $47.01, for a total value of $110,473.50. Following the completion of the sale, the chief technology officer owned 2,896 shares in the company, valued at approximately $136,140.96. This trade represents a 44.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Josh Silverman sold 151,666 shares of the firm’s stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the completion of the sale, the chief executive officer owned 107,809 shares of the company’s stock, valued at $6,218,423.12. This trade represents a 58.45% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 319,132 shares of company stock valued at $19,257,846. Insiders own 2.80% of the company’s stock.

Institutional Trading of Etsy

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Etsy by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock worth $651,056,000 after acquiring an additional 56,772 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Etsy by 4.5% in the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after acquiring an additional 235,550 shares during the period. AQR Capital Management LLC lifted its stake in shares of Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock worth $218,890,000 after acquiring an additional 3,768,787 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after acquiring an additional 1,486,142 shares during the period. Finally, Assenagon Asset Management S.A. lifted its stake in shares of Etsy by 36.0% in the 1st 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 period. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.