Etsy (NASDAQ:ETSY) PT Lowered to $58.00

Etsy (NASDAQ:ETSY) had its price target dropped by equities researchers at Wells Fargo & Company from $60.00 to $58.00 in a research report issued on Thursday, Benzinga reports. The firm currently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 3.28% from the company’s current price.

Several other equities analysts have also issued reports on the stock. Piper Sandler lifted their target price on shares of Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a report on Thursday, February 22nd. Needham & Company LLC cut their target price on Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday. Oppenheimer dropped their price target on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Evercore ISI reduced their price objective on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Finally, The Goldman Sachs Group downgraded shares of Etsy from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $84.00 to $80.00 in a research note on Wednesday, January 10th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $79.96.

Etsy Stock Up 1.2 %

Shares of NASDAQ:ETSY traded up $0.73 during trading on Thursday, hitting $59.97. The stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. Etsy has a 12 month low of $56.60 and a 12 month high of $102.81. The company has a market capitalization of $7.02 billion, a PE ratio of 27.38, a PEG ratio of 4.16 and a beta of 2.00. The firm’s fifty day moving average is $67.77 and its 200 day moving average is $71.52.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the firm posted $0.53 EPS. Equities research analysts expect that Etsy will post 2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at approximately $183,868.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the sale, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the transaction, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The disclosure for this sale can be found here. Insiders sold a total of 66,968 shares of company stock worth $4,836,827 over the last three months. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Etsy

Several hedge funds have recently bought and sold shares of ETSY. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Etsy by 27.8% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock valued at $2,913,000 after buying an additional 9,800 shares during the last quarter. Xponance Inc. grew its holdings in shares of Etsy by 8.1% in the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock valued at $1,670,000 after purchasing an additional 1,946 shares in the last quarter. Raymond James & Associates increased its position in Etsy by 2.0% in the third quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock worth $7,140,000 after purchasing an additional 2,204 shares during the last quarter. Rovin Capital UT ADV raised its stake in Etsy by 28.6% during the third quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock valued at $354,000 after purchasing an additional 1,218 shares in the last quarter. Finally, Concord Wealth Partners lifted its position in Etsy by 9,333.3% during the third quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock valued at $128,000 after purchasing an additional 1,960 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.