Etsy (NASDAQ:ETSY) Price Target Cut to $62.00 by Analysts at Citigroup

Etsy (NASDAQ:ETSY) had its price target decreased by Citigroup from $72.00 to $62.00 in a report issued on Thursday, Benzinga reports. Citigroup currently has a neutral rating on the specialty retailer’s stock.

ETSY has been the topic of several other reports. B. Riley cut their target price on shares of Etsy from $91.00 to $83.00 and set a buy rating on the stock in a research report on Thursday. Oppenheimer cut their target price on shares of Etsy from $95.00 to $80.00 and set an outperform rating on the stock in a research report on Monday, April 29th. 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 report on Thursday, February 22nd. Deutsche Bank Aktiengesellschaft cut their target price on shares of Etsy from $80.00 to $65.00 and set a hold rating on the stock in a research report on Wednesday, April 10th. Finally, Wedbush lowered their price target on shares of Etsy from $70.00 to $65.00 and set a neutral rating for the company in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, Etsy has an average rating of Hold and an average target price of $79.96.

Etsy Stock Performance

Shares of ETSY traded up $0.73 during mid-day trading on Thursday, reaching $59.97. The company had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The company’s 50 day simple moving average is $67.77 and its 200 day simple moving average is $71.52. Etsy has a 1-year low of $56.60 and a 1-year high of $102.81. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 4.16 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its quarterly 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). Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The company had revenue of $646.00 million during the quarter, compared to analyst estimates of $646.30 million. During the same quarter in the previous year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. As a group, 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 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 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 document filed with the SEC, which is available at this link. In other 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 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 document filed with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,671 shares of the company’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 sale, the chief accounting officer now owns 2,827 shares in the company, valued at $183,868.08. The disclosure for this sale can be found here. Insiders have sold a total of 66,968 shares of company stock valued at $4,836,827 over the last three months. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Capital International Investors increased its position in shares of Etsy by 0.6% in 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 during the last quarter. Van ECK Associates Corp grew 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 valued at $346,528,000 after acquiring an additional 425,620 shares during the last quarter. Bares Capital Management Inc. grew 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 valued at $330,711,000 after acquiring an additional 36,623 shares during the last quarter. Artisan Partners Limited Partnership grew its position in Etsy by 2.0% during 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 acquiring an additional 30,561 shares during the last quarter. Finally, TD Asset Management Inc grew its position in Etsy by 260.2% during 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 last quarter. 99.53% of the stock is currently 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.