Etsy (NASDAQ:ETSY) Price Target Raised to $50.00

Etsy (NASDAQ:ETSY) had its price target increased by Sanford C. Bernstein from $45.00 to $50.00 in a report issued on Thursday,Benzinga reports. The firm currently has a market perform rating on the specialty retailer’s stock.

Several other analysts also recently issued reports on ETSY. Arete downgraded shares of Etsy from a “neutral” rating to a “sell” rating and set a $43.00 price objective for the company. in a report on Wednesday, June 11th. Wells Fargo & Company set a $41.00 price objective on shares of Etsy and gave the stock an “underweight” rating in a report on Monday, June 30th. Barclays decreased their price objective on shares of Etsy from $55.00 to $53.00 and set an “equal weight” rating for the company in a report on Wednesday, April 30th. Bank of America decreased their price objective on shares of Etsy from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Finally, Cantor Fitzgerald upped their price objective on shares of Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Six equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.92.

Etsy Stock Up 2.9%

Shares of ETSY opened at $59.64 on Thursday. The company’s fifty day moving average is $54.03 and its 200-day moving average is $50.90. Etsy has a 12 month low of $40.05 and a 12 month high of $66.18. The firm has a market cap of $6.22 billion, a price-to-earnings ratio of 42.60, a price-to-earnings-growth ratio of 3.28 and a beta of 1.74.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The business had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. During the same quarter last year, the company earned $0.48 EPS. The business’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, research analysts predict that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Etsy news, CTO Richard Edward Colburn III sold 2,350 shares of the firm’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $47.01, for a total value of $110,473.50. Following the completion of the sale, the chief technology officer owned 2,896 shares in the company, valued at approximately $136,140.96. This trade represents a 44.80% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Josh Silverman sold 21,666 shares of the firm’s stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $51.37, for a total transaction of $1,112,982.42. Following the completion of the sale, the chief executive officer owned 62,674 shares of the company’s stock, valued at $3,219,563.38. The trade was a 25.69% decrease in their position. The disclosure for this sale can be found here. Insiders sold 202,298 shares of company stock worth $11,156,039 in the last quarter. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its stake in shares of Etsy by 0.5% in the 4th quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock valued at $651,056,000 after purchasing an additional 56,772 shares during the last quarter. Renaissance Technologies LLC boosted its stake in shares of Etsy by 4.5% in the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock valued at $286,751,000 after purchasing an additional 235,550 shares during the last quarter. AQR Capital Management LLC boosted its stake in shares of Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock valued at $218,890,000 after purchasing an additional 3,768,787 shares during the last quarter. Acadian Asset Management LLC boosted its stake in shares of Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock valued at $132,273,000 after purchasing an additional 1,486,142 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Etsy by 36.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock valued at $95,599,000 after purchasing an additional 535,864 shares during the last quarter. 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.