Etsy (NASDAQ:ETSY) Price Target Cut to $70.00

Etsy (NASDAQ:ETSY) had its price objective cut by stock analysts at Wedbush from $80.00 to $70.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Wedbush’s target price would suggest a potential upside of 2.41% from the stock’s current price.

A number of other brokerages also recently issued reports on ETSY. Barclays raised their price objective on Etsy from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Morgan Stanley restated an “underweight” rating and set a $55.00 price objective (down from $65.00) on shares of Etsy in a research report on Thursday, April 18th. Piper Sandler raised their price objective on Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, February 22nd. Truist Financial reduced their price objective on Etsy from $87.00 to $85.00 and set a “buy” rating for the company in a research note on Thursday, February 22nd. Finally, The Goldman Sachs Group lowered Etsy from a “buy” rating to a “neutral” rating and dropped their target price for the company from $84.00 to $80.00 in a report on Wednesday, January 10th. Three equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus price target of $84.46.

Etsy Trading Up 2.9 %

Etsy stock opened at $68.35 on Wednesday. The company has a market capitalization of $8.10 billion, a PE ratio of 30.51, a P/E/G ratio of 4.62 and a beta of 2.01. Etsy has a 12 month low of $58.20 and a 12 month high of $103.25. The stock has a 50-day moving average price of $69.30 and a two-hundred day moving average price of $71.53.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. The firm had revenue of $842.32 million during the quarter, compared to the consensus estimate of $827.40 million. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. As a group, analysts predict that Etsy will post 2.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction that occurred 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 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction that occurred 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 in the company, valued at approximately $183,868.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 23,140 shares in the company, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock valued at $4,836,827 in the last 90 days. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several hedge funds and other institutional investors have recently made changes to their positions in ETSY. CVA Family Office LLC purchased a new stake in shares of Etsy in the 4th quarter worth approximately $27,000. Operose Advisors LLC purchased a new stake in shares of Etsy in the 3rd quarter worth approximately $28,000. Sunbelt Securities Inc. boosted its stake in Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 429 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after purchasing an additional 358 shares during the last quarter. Finally, Tompkins Financial Corp purchased a new stake in Etsy during the 4th quarter valued at $41,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.