Stifel Nicolaus Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective decreased by Stifel Nicolaus from $56.00 to $51.00 in a report published on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the specialty retailer’s stock.

ETSY has been the subject of several other research reports. Truist Financial decreased their price target on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft cut shares of Etsy to a “hold” rating and decreased their price target for the company from $45.00 to $43.00 in a research report on Wednesday, February 12th. Moffett Nathanson lifted their price objective on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. 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 research report on Thursday. Finally, Raymond James decreased their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $51.40 on Thursday. The company has a 50 day simple moving average of $54.58 and a 200-day simple moving average of $53.81. The company has a market capitalization of $5.78 billion, a P/E ratio of 26.22, a P/E/G ratio of 2.83 and a beta of 2.00. Etsy has a 1 year low of $47.10 and a 1 year high of $78.65.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same quarter last year, the firm earned $0.62 EPS. The firm’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, research analysts expect that Etsy will post 2.25 EPS for the current year.

Etsy declared that its Board of Directors has initiated a share repurchase program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the business’s 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 sale, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of institutional investors have recently added to or reduced their stakes in ETSY. Pacer Advisors Inc. boosted its holdings in Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after buying an additional 3,861,668 shares in the last quarter. Norges Bank purchased a new stake in shares of Etsy in the fourth quarter valued at about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in shares of Etsy in the third quarter valued at about $55,530,000. Holocene Advisors LP purchased a new stake in shares of Etsy in the third quarter valued at about $49,061,000. Finally, Assenagon Asset Management S.A. lifted its holdings in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after purchasing an additional 850,520 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.