The Goldman Sachs Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its target price decreased by equities researchers at The Goldman Sachs Group from $45.00 to $35.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has a “sell” rating on the specialty retailer’s stock. The Goldman Sachs Group’s price objective points to a potential downside of 23.54% from the company’s current price.

Several other analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft set a $40.00 target price on Etsy and gave the stock a “hold” rating in a report on Monday, April 14th. Wells Fargo & Company dropped their price objective on Etsy from $47.00 to $46.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 2nd. Loop Capital decreased their target price on shares of Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a research note on Thursday, February 20th. Bank of America dropped their price target 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. Finally, Morgan Stanley decreased their price objective on shares of Etsy from $44.00 to $40.00 and set an “underweight” rating for the company in a research report on Thursday, April 17th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Etsy has an average rating of “Hold” and an average price target of $55.75.

Etsy Stock Performance

Shares of Etsy stock opened at $45.78 on Tuesday. The firm has a market cap of $4.82 billion, a PE ratio of 19.32, a P/E/G ratio of 2.57 and a beta of 2.15. The business’s 50 day simple moving average is $47.11 and its 200 day simple moving average is $51.38. Etsy has a 52-week low of $40.05 and a 52-week high of $71.72.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. During the same period last year, the company earned $0.62 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. As a group, equities research analysts predict that Etsy will post 2.57 EPS for the current year.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, April 3rd. The stock was sold at an average price of $48.40, for a total transaction of $81,118.40. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Toni Thompson Nadal sold 1,444 shares of Etsy stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $48.30, for a total value of $69,745.20. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $28,593.60. This represents a 70.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 50,952 shares of company stock worth $2,554,620 in the last quarter. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Lindbrook Capital LLC grew its stake in Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after buying an additional 181 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after acquiring an additional 292 shares in the last quarter. Hurley Capital LLC bought a new position in Etsy in the fourth quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new position in Etsy during the fourth quarter valued at approximately $34,000. Finally, Summit Securities Group LLC bought a new stake in Etsy during the fourth quarter worth $37,000. 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.