Etsy (NASDAQ:ETSY) Given New $70.00 Price Target at Wedbush

Etsy (NASDAQ:ETSY) had its price target cut by Wedbush from $80.00 to $70.00 in a report issued on Wednesday, MarketBeat reports. They currently have a neutral rating on the specialty retailer’s stock.

Several other brokerages have also weighed in on ETSY. Truist Financial cut their price objective on Etsy from $87.00 to $85.00 and set a buy rating for the company in a report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on Etsy from $80.00 to $65.00 and set a hold rating for the company in a report on Wednesday, April 10th. Morgan Stanley restated an underweight rating and issued a $55.00 price objective (down previously from $65.00) on shares of Etsy in a report on Thursday, April 18th. UBS Group cut their price objective on Etsy from $75.00 to $72.00 and set a neutral rating for the company in a report on Thursday, February 22nd. Finally, The Goldman Sachs Group lowered Etsy from a buy rating to a neutral rating and cut their price objective for the company from $84.00 to $80.00 in a report on Wednesday, January 10th. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Etsy presently has an average rating of Hold and a consensus target price of $84.46.

Etsy Stock Performance

Shares of ETSY stock opened at $67.43 on Wednesday. Etsy has a 1 year low of $58.20 and a 1 year high of $102.81. The stock has a fifty day moving average of $68.72 and a two-hundred day moving average of $71.49. The firm has a market capitalization of $7.89 billion, a PE ratio of 30.10, a price-to-earnings-growth ratio of 4.68 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 (EPS) for the quarter, hitting analysts’ consensus estimates of $0.78. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The company had revenue of $842.32 million during the quarter, compared to analyst estimates of $827.40 million. Equities research analysts predict that Etsy will post 2.58 earnings per share for the current fiscal year.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction 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 directly owns 2,827 shares of the company’s stock, valued at $183,868.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 value of $4,570,907.50. Following the transaction, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the transaction, the chief accounting officer now owns 2,827 shares in the company, valued at approximately $183,868.08. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 66,968 shares of company stock valued at $4,836,827. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Yousif Capital Management LLC grew its stake in Etsy by 1.1% in the first quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock valued at $1,126,000 after purchasing an additional 172 shares in the last quarter. Mesirow Financial Investment Management Inc. bought a new stake in shares of Etsy during the 1st quarter worth about $211,000. Equitable Trust Co. boosted its stake in shares of Etsy by 42.1% during the 1st quarter. Equitable Trust Co. now owns 7,381 shares of the specialty retailer’s stock worth $507,000 after acquiring an additional 2,186 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Etsy by 10.0% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 46,118 shares of the specialty retailer’s stock worth $3,169,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in shares of Etsy by 49.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 598,323 shares of the specialty retailer’s stock worth $41,117,000 after acquiring an additional 198,023 shares in the last quarter. 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.