Etsy (NASDAQ:ETSY) Price Target Cut to $105.00

Etsy (NASDAQ:ETSY) had its target price dropped by Canaccord Genuity Group from $125.00 to $105.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “buy” rating on the specialty retailer’s stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 75.09% from the company’s current price.

Several other equities analysts have also recently issued reports on the company. Loop Capital cut Etsy from a “hold” rating to a “sell” rating and dropped their target price for the stock from $70.00 to $50.00 in a research report on Thursday. Oppenheimer dropped their price objective on Etsy from $95.00 to $80.00 and set an “outperform” rating on the stock in a report on Monday, April 29th. Wells Fargo & Company reduced their target price on Etsy from $60.00 to $58.00 and set an “underweight” rating for the company in a report on Thursday. Wedbush decreased their target price on shares of Etsy from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Thursday. Finally, Barclays cut their price target on shares of Etsy from $67.00 to $60.00 and set an “equal weight” rating for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Etsy has an average rating of “Hold” and an average target price of $79.96.

Etsy Price Performance

Shares of NASDAQ:ETSY traded up $0.73 on Thursday, reaching $59.97. The company’s stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The stock’s 50-day moving average is $67.77 and its two-hundred day moving average is $71.52. Etsy has a 52-week low of $56.60 and a 52-week high of $102.81. The stock has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a PEG ratio of 4.16 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). The company had revenue of $646.00 million for the quarter, compared to analyst estimates of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. Etsy’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. Equities analysts forecast that Etsy will post 2.55 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 stock was sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Merilee Buckley sold 1,671 shares of the 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 completion of the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at approximately $183,868.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the firm’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 sale, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The disclosure for this sale can be found here. Insiders have sold a total of 66,968 shares of company stock worth $4,836,827 in the last quarter. 2.60% of the stock is owned by insiders.

Institutional Trading of Etsy

Large investors have recently bought and sold shares of the company. CVA Family Office LLC purchased a new stake in shares of Etsy during the fourth quarter worth about $27,000. Operose Advisors LLC acquired a new position in Etsy during the 3rd quarter worth $28,000. Sunbelt Securities Inc. increased its position in shares of Etsy by 3,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 429 shares during the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Etsy by 402.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after purchasing an additional 358 shares during the last quarter. Finally, Larson Financial Group LLC grew its stake in Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 536 shares in the last quarter. Institutional investors and hedge funds 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.