Oppenheimer Cuts Etsy (NASDAQ:ETSY) Price Target to $80.00

Etsy (NASDAQ:ETSY) had its price target lowered by Oppenheimer from $95.00 to $80.00 in a report released on Monday, Benzinga reports. The firm currently has an outperform rating on the specialty retailer’s stock.

A number of other equities analysts also recently commented on the stock. Piper Sandler lifted their target price on shares of Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research note on Thursday, February 22nd. Needham & Company LLC reaffirmed a buy rating and set a $95.00 price target on shares of Etsy in a research report on Friday, March 1st. Wedbush lowered their price objective on Etsy from $80.00 to $70.00 and set a neutral rating for the company in a research report on Wednesday, April 24th. UBS Group reduced their target price on Etsy from $75.00 to $72.00 and set a neutral rating on the stock in a research report on Thursday, February 22nd. Finally, BTIG Research lowered their price target on Etsy from $90.00 to $87.00 and set a buy rating for the company in a report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Etsy has an average rating of Hold and a consensus price target of $84.04.

Etsy Price Performance

ETSY stock opened at $69.74 on Monday. Etsy has a 1 year low of $58.20 and a 1 year high of $102.81. The firm has a market capitalization of $8.16 billion, a PE ratio of 31.00, a price-to-earnings-growth ratio of 4.79 and a beta of 2.01. The business has a 50 day simple moving average of $68.42 and a 200-day simple moving average of $71.66.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 analysts’ expectations of $827.40 million. On average, equities research analysts expect that Etsy will post 2.58 EPS for the current year.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $66.01, for a total transaction of $49,507.50. Following the completion of the sale, the insider now owns 19,682 shares in the company, valued at approximately $1,299,208.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,968 shares of company stock worth $4,836,827. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently bought and sold shares of ETSY. Capital International Investors increased its position in shares of Etsy by 0.6% during the fourth quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock worth $662,605,000 after purchasing an additional 45,305 shares in the last quarter. Van ECK Associates Corp increased its position in Etsy by 9.2% during the first quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock worth $346,528,000 after buying an additional 425,620 shares during the period. Bares Capital Management Inc. increased its position in Etsy by 0.9% during the fourth quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock worth $330,711,000 after buying an additional 36,623 shares during the period. Artisan Partners Limited Partnership lifted its stake in Etsy by 2.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock valued at $126,068,000 after buying an additional 30,561 shares during the last quarter. Finally, TD Asset Management Inc boosted its holdings in shares of Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after acquiring an additional 952,907 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.