Etsy (NYSE:ETSY) Price Target Raised to $89.00

Etsy (NYSE:ETSY) had its price objective lifted by analysts at Argus from $67.00 to $89.00 in a report released on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Argus’ target price would indicate a potential upside of 16.51% from the stock’s current price.

Several other research analysts have also commented on ETSY. Bank of America raised Etsy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $88.00 to $95.00 in a report on Thursday, August 20th. JPMorgan Chase & Co. raised shares of Etsy from a “neutral” rating to an “overweight” rating and raised their target price for the company from $85.00 to $100.00 in a research note on Friday, August 7th. Piper Sandler boosted their price target on shares of Etsy from $70.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. Wedbush started coverage on shares of Etsy in a report on Thursday, July 16th. They issued a “neutral” rating and a $80.00 price target on the stock. Finally, Citigroup raised their price objective on shares of Etsy from $60.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seventeen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Etsy currently has an average rating of “Moderate Buy” and an average target price of $85.46.

Etsy Stock Performance

Shares of ETSY stock opened at $76.39 on Tuesday. The company has a market capitalization of $7.25 billion, a PE ratio of 42.68, a price-to-earnings-growth ratio of 1.91 and a beta of 1.81. Etsy has a 52-week low of $44.00 and a 52-week high of $87.97. The business’s fifty day moving average is $81.21 and its 200 day moving average is $67.69.

Etsy (NYSE:ETSY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate of $0.75 by ($1.24). The business had revenue of $668.31 million for the quarter, compared to analysts’ expectations of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.Etsy’s quarterly revenue was down .7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 earnings per share. On average, sell-side analysts forecast that Etsy will post 3.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Etsy news, insider Josh Silverman sold 97,389 shares of Etsy stock in a transaction that occurred on Wednesday, June 24th. The shares were sold at an average price of $79.00, for a total transaction of $7,693,731.00. Following the transaction, the insider directly owned 130,694 shares of the company’s stock, valued at approximately $10,324,826. This trade represents a 42.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick Wilson sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $74.39, for a total transaction of $1,487,800.00. Following the completion of the sale, the director owned 441,329 shares of the company’s stock, valued at approximately $32,830,464.31. The trade was a 4.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 471,017 shares of company stock worth $36,593,674 over the last quarter. Company insiders own 2.50% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors have recently added to or reduced their stakes in the business. EFG International AG bought a new stake in shares of Etsy in the 4th quarter valued at about $33,000. Global Retirement Partners LLC bought a new position in Etsy during the 2nd quarter worth approximately $34,000. Blue Trust Inc. grew its position in Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after acquiring an additional 200 shares during the last quarter. Danske Bank A S purchased a new position in Etsy in the 3rd quarter worth approximately $66,000. Finally, Federation des caisses Desjardins du Quebec increased its stake in Etsy by 22.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after purchasing an additional 225 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.