Morgan Stanley Trims Etsy (NASDAQ:ETSY) Target Price to $52.00

Etsy (NASDAQ:ETSY) had its target price trimmed by Morgan Stanley from $55.00 to $52.00 in a report issued on Thursday morning, Benzinga reports. The brokerage currently has an underweight rating on the specialty retailer’s stock.

A number of other research analysts have also weighed in on the stock. Wells Fargo & Company cut their target price on shares of Etsy from $60.00 to $58.00 and set an underweight rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft cut their target price on shares of Etsy from $80.00 to $65.00 and set a hold rating for the company in a report on Wednesday, April 10th. BTIG Research cut their target price on shares of Etsy from $87.00 to $78.00 and set a buy rating for the company in a report on Thursday. Oppenheimer cut their target price on shares of Etsy from $95.00 to $80.00 and set an outperform rating for the company in a report on Monday, April 29th. Finally, The Goldman Sachs Group cut their target price on shares of Etsy from $80.00 to $70.00 and set a neutral rating for the company in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Hold and an average target price of $79.96.

Etsy Stock Performance

Shares of NASDAQ:ETSY traded up $0.73 during midday trading on Thursday, reaching $59.97. 5,617,654 shares of the company’s stock traded hands, compared to its average volume of 3,661,918. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 4.22 and a beta of 2.00. Etsy has a one year low of $56.60 and a one year high of $102.81. The stock has a 50 day moving average of $67.77 and a 200 day moving average of $71.53.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) 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 business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. During the same period in the previous year, the company earned $0.53 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. Sell-side analysts predict that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at $1,677,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the transaction, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock worth $4,836,827 over the last three months. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently added to or reduced their stakes in the company. Capital International Investors raised its holdings in Etsy by 0.6% in the fourth quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock worth $662,605,000 after purchasing an additional 45,305 shares in the last quarter. Van ECK Associates Corp raised its holdings in Etsy by 9.2% in the first quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock worth $346,528,000 after purchasing an additional 425,620 shares in the last quarter. Bares Capital Management Inc. raised its holdings in Etsy by 0.9% in the fourth quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock worth $330,711,000 after purchasing an additional 36,623 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Etsy by 2.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock worth $126,068,000 after purchasing an additional 30,561 shares in the last quarter. Finally, TD Asset Management Inc raised its holdings in Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock worth $106,920,000 after purchasing an additional 952,907 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

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.