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

Etsy (NASDAQ:ETSY) had its target price cut by equities researchers at The Goldman Sachs Group from $35.00 to $31.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “sell” rating on the specialty retailer’s stock. The Goldman Sachs Group’s target price would suggest a potential downside of 30.02% from the company’s current price.

Several other equities analysts also recently issued reports on the company. Citigroup cut their target price on Etsy from $53.00 to $48.00 and set a “neutral” rating on the stock in a research report on Friday, April 25th. Stifel Nicolaus reduced their price objective on Etsy from $51.00 to $45.00 and set a “hold” rating for the company in a research note on Wednesday, April 23rd. B. Riley dropped their target price on Etsy from $62.00 to $55.00 and set a “buy” rating on the stock in a research report on Thursday. Evercore ISI reduced their price target on shares of Etsy from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Thursday. Finally, Piper Sandler dropped their price objective on shares of Etsy from $52.00 to $40.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, Etsy has an average rating of “Hold” and an average price target of $50.14.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $44.30 on Thursday. The firm has a market capitalization of $4.66 billion, a P/E ratio of 18.69, a P/E/G ratio of 2.57 and a beta of 2.15. The business’s 50-day moving average is $45.88 and its 200 day moving average is $51.11. Etsy has a 1 year low of $40.05 and a 1 year high of $66.93.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). The company had revenue of $651.18 million during the quarter, compared to analysts’ expectations of $642.22 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.48 earnings per share. On average, analysts expect that Etsy will post 2.57 EPS for the current year.

Insider Activity

In related news, insider Toni Thompson Nadal sold 1,444 shares of the company’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.30, for a total transaction of $69,745.20. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at $28,593.60. This represents a 70.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction dated Tuesday, April 1st. The stock was sold at an average price of $48.23, for a total value of $1,044,951.18. Following the completion of the sale, the chief executive officer now owns 31,818 shares in the company, valued at approximately $1,534,582.14. The trade was a 40.51 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 50,952 shares of company stock worth $2,554,620 in the last quarter. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of institutional investors have recently made changes to their positions in ETSY. Principal Financial Group Inc. boosted its stake in Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after purchasing an additional 411,165 shares during the last quarter. Versant Capital Management Inc boosted its position in Etsy by 153.1% during the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after acquiring an additional 499 shares during the last quarter. Harbor Capital Advisors Inc. grew its stake in Etsy by 1.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 49,042 shares of the specialty retailer’s stock valued at $2,594,000 after acquiring an additional 816 shares in the last quarter. Cooper Financial Group raised its holdings in Etsy by 4.7% in the 4th quarter. Cooper Financial Group now owns 14,439 shares of the specialty retailer’s stock valued at $764,000 after acquiring an additional 642 shares during the last quarter. Finally, Pallas Capital Advisors LLC acquired a new stake in Etsy in the 4th quarter valued at about $280,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.