Etsy (NASDAQ:ETSY) PT Lowered to $58.00 at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its price target decreased by Wells Fargo & Company from $60.00 to $58.00 in a report published on Thursday, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the specialty retailer’s stock.

A number of other equities analysts also recently issued reports on ETSY. The Goldman Sachs Group downgraded Etsy from a buy rating to a neutral rating and lowered their price target for the company from $84.00 to $80.00 in a report on Wednesday, January 10th. Truist Financial reduced their price target on shares of Etsy from $87.00 to $85.00 and set a buy rating for the company in a research report on Thursday, February 22nd. Loop Capital lowered Etsy from a hold rating to a sell rating and dropped their price objective for the stock from $70.00 to $50.00 in a report on Thursday. BTIG Research cut their target price on Etsy from $90.00 to $87.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Finally, Morgan Stanley reissued an underweight rating and issued a $55.00 target price (down from $65.00) on shares of Etsy in a research report on Thursday, April 18th. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus target price of $79.96.

Etsy Price Performance

Shares of Etsy stock traded up $0.73 on Thursday, reaching $59.97. 5,617,654 shares of the company were exchanged, compared to its average volume of 3,661,918. Etsy has a 1-year low of $56.60 and a 1-year high of $102.81. The company has a market cap of $7.02 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 4.22 and a beta of 2.00. The stock’s 50 day moving average price is $67.77 and its 200-day moving average price is $71.53.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.01). The firm had revenue of $646.00 million for the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share. On average, research analysts predict that Etsy will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 63,047 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer now owns 23,140 shares of the company’s stock, valued at $1,677,650. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now owns 2,827 shares in the company, valued at $183,868.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock worth $4,836,827 over the last three months. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently made changes to their positions in ETSY. Bares Capital Management Inc. grew its position in shares of Etsy by 57.8% in the 3rd quarter. Bares Capital Management Inc. now owns 4,043,715 shares of the specialty retailer’s stock worth $261,143,000 after acquiring an additional 1,480,655 shares in the last quarter. Norges Bank acquired a new position in Etsy in the fourth quarter worth $86,494,000. Van ECK Associates Corp increased its stake in Etsy by 40.3% during the third quarter. Van ECK Associates Corp now owns 3,649,213 shares of the specialty retailer’s stock valued at $235,666,000 after purchasing an additional 1,047,811 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Etsy by 260.2% during the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock worth $106,920,000 after purchasing an additional 952,907 shares during the period. Finally, Epoch Investment Partners Inc. lifted its position in shares of Etsy by 84.4% in the 4th quarter. Epoch Investment Partners Inc. now owns 1,309,510 shares of the specialty retailer’s stock worth $106,136,000 after buying an additional 599,286 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.