Guggenheim Forecasts Strong Price Appreciation for Etsy (NASDAQ:ETSY) Stock

Etsy (NASDAQ:ETSY) had its price objective lifted by research analysts at Guggenheim from $50.00 to $70.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the specialty retailer’s stock. Guggenheim’s price target would suggest a potential upside of 19.11% from the stock’s current price.

ETSY has been the subject of a number of other reports. Arete Research upgraded Etsy to a “strong sell” rating in a research note on Wednesday, June 11th. Needham & Company LLC increased their price target on Etsy from $55.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday. Piper Sandler dropped their price target on Etsy from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Citigroup dropped their price target on Etsy from $53.00 to $48.00 and set a “neutral” rating for the company in a research note on Friday, April 25th. Finally, The Goldman Sachs Group dropped their price target on Etsy from $35.00 to $31.00 and set a “sell” rating for the company in a research note on Thursday, May 1st. Five research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $56.76.

Etsy Stock Performance

Shares of ETSY stock opened at $58.77 on Thursday. The stock’s fifty day moving average price is $56.91 and its two-hundred day moving average price is $51.45. The company has a market cap of $5.82 billion, a PE ratio of 47.40, a P/E/G ratio of 3.16 and a beta of 1.73. Etsy has a fifty-two week low of $40.05 and a fifty-two week high of $68.45.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business had revenue of $672.66 million during the quarter, compared to analyst estimates of $645.16 million. During the same period in the prior year, the business posted $0.41 EPS. The company’s revenue for the quarter was up 3.8% compared to the same quarter last year. On average, equities analysts predict that Etsy will post 2.57 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total value of $77,040.00. Following the completion of the transaction, the insider directly owned 34,683 shares of the company’s stock, valued at approximately $1,781,318.88. This trade represents a 4.15% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of Etsy stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $47.01, for a total value of $110,473.50. Following the completion of the transaction, the chief technology officer directly owned 2,896 shares of the company’s stock, valued at approximately $136,140.96. This trade represents a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 326,041 shares of company stock valued at $19,664,717. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Boyd Watterson Asset Management LLC OH grew its stake in shares of Etsy by 666.7% in the 2nd quarter. Boyd Watterson Asset Management LLC OH now owns 5,750 shares of the specialty retailer’s stock valued at $288,000 after buying an additional 5,000 shares during the period. SYM FINANCIAL Corp grew its stake in shares of Etsy by 20.2% in the 2nd quarter. SYM FINANCIAL Corp now owns 5,271 shares of the specialty retailer’s stock valued at $264,000 after buying an additional 885 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Etsy in the 2nd quarter valued at about $8,671,000. Brighton Jones LLC acquired a new stake in shares of Etsy in the 2nd quarter valued at about $770,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its stake in shares of Etsy by 155.7% in the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,680 shares of the specialty retailer’s stock valued at $736,000 after buying an additional 8,940 shares during the period. 99.53% of the stock is owned by institutional investors.

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.