BTIG Research Lowers Etsy (NASDAQ:ETSY) Price Target to $78.00

Etsy (NASDAQ:ETSY) had its price target cut by BTIG Research from $87.00 to $78.00 in a research report report published on Thursday, Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other reports. Evercore ISI decreased their price target on Etsy from $95.00 to $90.00 and set an outperform rating on the stock in a research note on Thursday, February 22nd. Wells Fargo & Company decreased their price target on Etsy from $60.00 to $58.00 and set an underweight rating on the stock in a research note on Thursday. Piper Sandler lifted their price target on Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a research note on Thursday, February 22nd. Barclays decreased their price target on Etsy from $67.00 to $60.00 and set an equal weight rating on the stock in a research note on Thursday. Finally, The Goldman Sachs Group decreased their price target on Etsy from $80.00 to $70.00 and set a neutral rating on the stock in a research note on Thursday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and a consensus target price of $79.96.

Etsy Stock Performance

NASDAQ:ETSY traded up $0.73 during mid-day trading on Thursday, reaching $59.97. The stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The firm has a 50 day moving average price of $67.77 and a two-hundred day moving average price of $71.52. The stock has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a P/E/G ratio of 4.16 and a beta of 2.00. Etsy has a one year low of $56.60 and a one year high of $102.81.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The firm had revenue of $646.00 million during the quarter, compared to the consensus estimate of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.53 EPS. Research analysts forecast that Etsy will post 2.55 earnings per share for the current year.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.01, for a total value of $49,507.50. Following the sale, the insider now directly owns 19,682 shares of the company’s stock, valued at $1,299,208.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the transaction, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ETSY. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its holdings in shares of Etsy by 27.8% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock valued at $2,913,000 after purchasing an additional 9,800 shares in the last quarter. Xponance Inc. increased its position in Etsy by 8.1% during the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock valued at $1,670,000 after acquiring an additional 1,946 shares during the last quarter. Raymond James & Associates increased its position in Etsy by 2.0% during the third quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock valued at $7,140,000 after acquiring an additional 2,204 shares during the last quarter. Rovin Capital UT ADV increased its position in Etsy by 28.6% during the third quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock valued at $354,000 after acquiring an additional 1,218 shares during the last quarter. Finally, Concord Wealth Partners increased its position in Etsy by 9,333.3% during the third quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock valued at $128,000 after acquiring an additional 1,960 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

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.