Analyst Marvin Fong at BTIG reiterated the firm’s Buy rating but cut the price target from $195 to $140 (28.2%). Without specifically referring to a strike by some 14,000 Etsy sellers in mid-August, Fong cites the company’s dominant position in the handmade-goods vertical and the low risk of any competitor displacing the firm. Etsy claims about 5.3 million active sellers.
Etsy’s stock traded up about 1.8%, at $94.89 in a 52-week range of $90.63 to $307.75. The low was posted Monday morning. Since reaching a high of $1,702 in late November, the company’s consensus target has dipped to a current average of $199.72.
E-commerce platform provider Shopify Inc. (NYSE: SHOP) has seen its share price decline by nearly 63% over the past 12 months. From a high set in mid-November, shares are down nearly 74%. When the company reports quarterly results before markets open Thursday, analysts expect a sequential decline of 10% in revenue and 51% in EPS. Year over year, revenue is expected to rise by 1.2% while EPS drops by 66.7%.
Bhavin Shah at Deutsche Bank has kept a Hold rating on the stock but cut the price target from $900 to $550 (38.9%). Basically, Shah does not think that Shopify can match the profits it posted during the pandemic lockdowns. Most other firms that put up big numbers in 2020 and 2021 have not been able to duplicate that performance.
The stock traded up about 3.5% Monday, at $441.69 in a 52-week range of $411.17 to $1,762.92. The low was posted last Friday. Since reaching the 52-week high in late November, the company’s consensus price target has dipped from a high of around $1,713 to a current average of $872.10.
Cloud analytics provider Datadog Inc. (NASDAQ: DDOG) has put up a 40.2% share price gain over the past 12 months. Since early November, however, shares have dropped about 39%. When the company reports quarterly results early Thursday morning, analysts expect revenue to be up about 3.6% sequentially and 70% year over year. EPS are expected to drop 43.7% sequentially and rise by 83.3% year over year.
Analyst Matthew Hedberg at RBC Capital chopped the firm’s price target from $225 to $167 while keeping its Outperform rating. The cut reflects what Hedberg called weaker multiples among growth software companies. He expects more challenging year-over-year comparisons to give investors a reason to evaluate decelerating growth rates for the rest of the year.
Datadog’s stock traded down about 1% Monday, at $119.64 in a 52-week range of $69.73 to $199.68. Since reaching the 52-week high in early December, the company’s consensus price target has dipped from a high of around $213 to a current average of $201.48.
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