Guggenheim Issues Positive Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective increased by Guggenheim from $50.00 to $70.00 in a report released on Thursday,Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

Other analysts also recently issued research reports about the company. Sanford C. Bernstein increased their target price on Etsy from $45.00 to $50.00 and gave the company a “market perform” rating in a research note on Thursday, July 17th. Raymond James Financial upped their price target on Etsy from $50.00 to $70.00 and gave the stock an “outperform” rating in a report on Tuesday, July 22nd. Cantor Fitzgerald raised their price objective on shares of Etsy from $52.00 to $64.00 and gave the stock a “neutral” rating in a research note on Thursday. Citigroup dropped their target price on shares of Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a research report on Friday, April 25th. Finally, Bank of America increased their price target on shares of Etsy from $67.00 to $71.00 and gave the company a “neutral” rating in a report on Thursday. Five research analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $56.76.

Etsy Trading Down 6.0%

NASDAQ:ETSY opened at $58.27 on Thursday. The firm has a market capitalization of $6.08 billion, a PE ratio of 46.99, a PEG ratio of 3.36 and a beta of 1.74. Etsy has a 1 year low of $40.05 and a 1 year high of $68.45. The firm’s fifty day simple moving average is $56.68 and its 200 day simple moving average is $51.42.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.29). The firm had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm’s revenue was up 3.8% on a year-over-year basis. During the same quarter last year, the company earned $0.41 earnings per share. As a group, analysts anticipate that Etsy will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling at Etsy

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

Hedge Funds Weigh In On Etsy

Several institutional investors have recently bought and sold shares of the business. Brighton Jones LLC bought a new stake in shares of Etsy during the second quarter worth $770,000. Sumitomo Mitsui Trust Group Inc. lifted its position in Etsy by 155.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,680 shares of the specialty retailer’s stock worth $736,000 after buying an additional 8,940 shares in the last quarter. Ground Swell Capital LLC bought a new stake in Etsy during the 2nd quarter worth about $383,000. Caitong International Asset Management Co. Ltd bought a new stake in Etsy during the 2nd quarter worth about $106,000. Finally, Cardinal Point Capital Management ULC acquired a new stake in Etsy in the 2nd quarter valued at about $250,000. Institutional investors 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.