Wedbush Trims Etsy (NASDAQ:ETSY) Target Price to $65.00

Etsy (NASDAQ:ETSY) had its price target reduced by investment analysts at Wedbush from $70.00 to $65.00 in a report issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. Wedbush’s price objective suggests a potential upside of 8.39% from the company’s current price.

A number of other analysts also recently weighed in on ETSY. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Etsy from $80.00 to $65.00 and set a “hold” rating for the company in a research note on Wednesday, April 10th. BTIG Research cut their target price on shares of Etsy from $90.00 to $87.00 and set a “buy” rating on the stock in a research note on Thursday, February 22nd. UBS Group decreased their price target on Etsy from $75.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Loop Capital cut Etsy from a “hold” rating to a “sell” rating and cut their price objective for the company from $70.00 to $50.00 in a research note on Thursday. Finally, Barclays lifted their target price on Etsy from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 22nd. Four 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. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $79.96.

Etsy Stock Performance

Shares of NASDAQ:ETSY traded up $0.73 during midday trading on Thursday, hitting $59.97. 5,617,654 shares of the company’s stock traded hands, compared to its average volume of 3,661,918. The firm’s fifty day moving average price is $67.77 and its two-hundred day moving average price is $71.52. Etsy has a twelve month low of $56.60 and a twelve month high of $102.81. The company has a market cap of $7.02 billion, a PE ratio of 27.38, a P/E/G ratio of 4.16 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its 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 business had revenue of $646.00 million for the quarter, compared to analyst estimates of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The firm’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.53 earnings per share. As a group, equities research analysts anticipate that Etsy will post 2.55 EPS for the current fiscal year.

Insider Transactions at Etsy

In related news, CEO Josh Silverman sold 63,047 shares of Etsy 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 transaction, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at $1,677,650. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other news, 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 transaction of $4,570,907.50. Following the completion of the transaction, the chief executive officer now owns 23,140 shares in the company, valued at approximately $1,677,650. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $66.01, for a total transaction of $49,507.50. Following the completion of the transaction, the insider now directly owns 19,682 shares in the company, valued at approximately $1,299,208.82. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,968 shares of company stock valued at $4,836,827. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Large investors have recently modified their holdings of the stock. 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 during the last quarter. Xponance Inc. raised its holdings in Etsy by 8.1% during the 3rd quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock worth $1,670,000 after buying an additional 1,946 shares during the period. Raymond James & Associates lifted its stake 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 buying an additional 2,204 shares in the last quarter. Rovin Capital UT ADV boosted its holdings in shares of Etsy by 28.6% in the third quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock worth $354,000 after buying an additional 1,218 shares during the period. Finally, Concord Wealth Partners increased its position in shares of Etsy by 9,333.3% in the third quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after acquiring an additional 1,960 shares in 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.