Etsy (NASDAQ:ETSY) Lowered to Market Perform at JMP Securities

Etsy (NASDAQ:ETSY) was downgraded by research analysts at JMP Securities from an “outperform” rating to a “market perform” rating in a report released on Thursday, MarketBeat.com reports.

A number of other equities analysts have also weighed in on the stock. Wedbush dropped their price target on shares of Etsy from $70.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday. Wells Fargo & Company lowered their price objective on Etsy from $60.00 to $58.00 and set an “underweight” rating on the stock in a research report on Thursday. The Goldman Sachs Group cut their target price on Etsy from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday. Truist Financial lowered their price target on Etsy from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday. Finally, Needham & Company LLC cut their price objective on shares of Etsy from $95.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $79.96.

Etsy Trading Up 1.2 %

Etsy stock traded up $0.73 during 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 firm’s 50-day simple moving average is $67.77 and its 200 day simple moving average is $71.52. Etsy has a 52 week low of $56.60 and a 52 week high of $102.81. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of 27.38, a price-to-earnings-growth ratio of 4.16 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.01). The company 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 firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same period last year, the business earned $0.53 EPS. On average, analysts predict that Etsy will post 2.55 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,671 shares of the business’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 completion of the sale, the chief accounting officer now owns 2,827 shares in the company, valued at approximately $183,868.08. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related 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 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 document filed with the Securities & Exchange Commission, which is available at 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 directly owns 23,140 shares in the company, valued at approximately $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 three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Bares Capital Management Inc. grew its holdings in Etsy by 57.8% in the third quarter. Bares Capital Management Inc. now owns 4,043,715 shares of the specialty retailer’s stock worth $261,143,000 after purchasing an additional 1,480,655 shares during the last quarter. Norges Bank acquired a new stake in shares of Etsy in the 4th quarter worth $86,494,000. Van ECK Associates Corp raised its stake in Etsy by 40.3% in 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 buying an additional 1,047,811 shares during the last quarter. TD Asset Management Inc boosted its holdings in Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock worth $106,920,000 after acquiring an additional 952,907 shares in the last quarter. Finally, Epoch Investment Partners Inc. grew its stake in shares of Etsy by 84.4% during the fourth quarter. Epoch Investment Partners Inc. now owns 1,309,510 shares of the specialty retailer’s stock worth $106,136,000 after acquiring an additional 599,286 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

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.