Etsy (NASDAQ:ETSY) Price Target Cut to $40.00 by Analysts at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its target price cut by research analysts at Wells Fargo & Company from $46.00 to $40.00 in a report released on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 9.71% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and upped their price objective for the stock from $45.00 to $55.00 in a research note on Monday, January 13th. Deutsche Bank Aktiengesellschaft set a $40.00 price target on shares of Etsy and gave the company a “hold” rating in a report on Monday, April 14th. Truist Financial reduced their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Cantor Fitzgerald lowered their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Thursday, February 20th. Finally, Canaccord Genuity Group cut their price target on shares of Etsy from $76.00 to $72.00 and set a “buy” rating on the stock in a report on Monday, April 28th. Four analysts have rated the stock with a sell rating, fifteen have given a hold rating and six have issued a buy rating to the company. According to MarketBeat, Etsy presently has an average rating of “Hold” and a consensus target price of $50.14.

Etsy Price Performance

NASDAQ:ETSY opened at $44.30 on Thursday. Etsy has a 1-year low of $40.05 and a 1-year high of $66.93. The company has a 50-day moving average of $45.88 and a 200 day moving average of $51.11. The firm has a market cap of $4.66 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The business had revenue of $651.18 million for the quarter, compared to the consensus estimate of $642.22 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. Etsy’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.48 earnings per share. Sell-side analysts anticipate that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction that occurred on Thursday, April 3rd. The stock was sold at an average price of $48.40, for a total value of $81,118.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Josh Silverman sold 21,666 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $52.05, for a total transaction of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares in the company, valued at $260,458.20. The trade was a 81.24 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 50,952 shares of company stock valued at $2,554,620 in the last quarter. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Etsy in the 4th quarter valued at about $74,235,000. Assenagon Asset Management S.A. increased its position in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after buying an additional 850,520 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of Etsy by 703.8% during the 4th quarter. Victory Capital Management Inc. now owns 812,671 shares of the specialty retailer’s stock worth $42,982,000 after buying an additional 711,572 shares during the period. Van ECK Associates Corp lifted its position in shares of Etsy by 17.4% during the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock valued at $186,583,000 after buying an additional 522,111 shares in the last quarter. Finally, AQR Capital Management LLC grew its stake in Etsy by 89.1% in the 4th quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer’s stock valued at $47,042,000 after acquiring an additional 419,038 shares during the period. Institutional investors and hedge funds 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.