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

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

Other research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Etsy from $80.00 to $65.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Piper Sandler lifted their price target on shares of Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, February 22nd. BTIG Research dropped their price objective on shares of Etsy from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. Wells Fargo & Company dropped their price objective on shares of Etsy from $62.00 to $60.00 and set an “underweight” rating on the stock in a research note on Thursday, April 4th. Finally, Morgan Stanley reiterated an “underweight” rating and set a $55.00 price objective (down previously from $65.00) on shares of Etsy in a research note on Thursday, April 18th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $84.46.

Etsy Stock Performance

ETSY opened at $68.35 on Wednesday. The company’s 50 day simple moving average is $69.30 and its 200 day simple moving average is $71.53. Etsy has a 1 year low of $58.20 and a 1 year high of $103.25. The stock 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 (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.78. The firm had revenue of $842.32 million for the quarter, compared to analysts’ expectations of $827.40 million. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. As a group, sell-side analysts expect that Etsy will post 2.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were 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 of the company’s stock, valued at approximately $1,677,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Etsy news, 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 sale, the chief executive officer now owns 23,140 shares in the company, valued at approximately $1,677,650. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total value of $107,730.00. Following the sale, the insider now owns 13,138 shares in the company, valued at approximately $943,571.16. The disclosure for this sale can be found here. In the last three months, insiders sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently made changes to their positions in ETSY. AE Wealth Management LLC increased its holdings in shares of Etsy by 7.9% in the 3rd quarter. AE Wealth Management LLC now owns 13,680 shares of the specialty retailer’s stock valued at $883,000 after purchasing an additional 998 shares during the period. Exchange Traded Concepts LLC increased its holdings in shares of Etsy by 107.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 17,739 shares of the specialty retailer’s stock valued at $1,146,000 after purchasing an additional 9,186 shares during the period. Counterpoint Mutual Funds LLC bought a new stake in shares of Etsy in the 3rd quarter valued at approximately $134,000. Czech National Bank grew its stake in shares of Etsy by 47.2% in the 3rd quarter. Czech National Bank now owns 21,500 shares of the specialty retailer’s stock valued at $1,388,000 after buying an additional 6,897 shares in the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of Etsy by 46.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 289,724 shares of the specialty retailer’s stock valued at $18,710,000 after buying an additional 91,954 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Etsy

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.