Needham & Company LLC Cuts Etsy (NASDAQ:ETSY) Price Target to $75.00

Etsy (NASDAQ:ETSY) had its target price reduced by Needham & Company LLC from $95.00 to $75.00 in a research report released on Thursday, Benzinga reports. Needham & Company LLC currently has a buy rating on the specialty retailer’s stock.

A number of other research firms have also weighed in on ETSY. Wedbush lowered their price objective on shares of Etsy from $80.00 to $70.00 and set a neutral rating on the stock in a research report on Wednesday, April 24th. The Goldman Sachs Group lowered shares of Etsy from a buy rating to a neutral rating and decreased their target price for the stock from $84.00 to $80.00 in a research report on Wednesday, January 10th. Wells Fargo & Company decreased their target price on shares of Etsy from $62.00 to $60.00 and set an underweight rating on the stock in a research report on Thursday, April 4th. Piper Sandler boosted their target price on shares of Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research report on Thursday, February 22nd. Finally, Truist Financial cut their target price on shares of Etsy from $87.00 to $85.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of Hold and an average price target of $79.96.

Etsy Stock Up 1.2 %

NASDAQ:ETSY traded up $0.73 during midday trading on Thursday, reaching $59.97. The stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The firm has a fifty day simple moving average of $67.77 and a two-hundred day simple moving average of $71.53. Etsy has a 12-month low of $56.60 and a 12-month high of $102.81. The stock has a market cap of $7.02 billion, a P/E ratio of 27.38, a P/E/G ratio of 4.22 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The firm had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $646.30 million. During the same quarter last year, the business earned $0.53 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts anticipate that Etsy will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction that occurred on Tuesday, February 27th. The stock was 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 of the company’s stock, valued at $1,677,650. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction dated 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 directly owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of 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. In the last 90 days, insiders sold 66,968 shares of company stock worth $4,836,827. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Institutional investors have recently added to or reduced their stakes in the company. CVA Family Office LLC purchased a new stake in Etsy during the fourth quarter valued at about $27,000. Operose Advisors LLC purchased a new position in shares of Etsy during the third quarter valued at $28,000. Sunbelt Securities Inc. raised its position in Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after buying an additional 429 shares during the period. EverSource Wealth Advisors LLC boosted its position in Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after acquiring an additional 358 shares during the period. Finally, Larson Financial Group LLC grew its stake in Etsy by 1,576.5% during the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 536 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.