Etsy (NASDAQ:ETSY) Price Target Cut to $56.00 by Analysts at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its target price lowered by Wells Fargo & Company from $58.00 to $56.00 in a research report sent to investors on Tuesday morning, Benzinga reports. The firm currently has an underweight rating on the specialty retailer’s stock.

A number of other equities analysts have also recently commented on ETSY. Citigroup dropped their target price on Etsy from $72.00 to $62.00 and set a neutral rating for the company in a report on Thursday, May 2nd. Truist Financial dropped their price objective on shares of Etsy from $85.00 to $75.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Needham & Company LLC reduced their target price on shares of Etsy from $95.00 to $75.00 and set a buy rating on the stock in a research note on Thursday, May 2nd. Guggenheim dropped their price target on shares of Etsy from $95.00 to $80.00 and set a buy rating for the company in a research note on Thursday, May 2nd. Finally, JMP Securities lowered shares of Etsy from an outperform rating to a market perform rating in a research report on Thursday, May 2nd. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus price target of $79.88.

Etsy Stock Up 0.4 %

Etsy stock opened at $58.98 on Tuesday. Etsy has a 52-week low of $56.60 and a 52-week high of $102.81. The firm’s fifty day moving average is $62.93 and its 200 day moving average is $69.40. The company has a market cap of $6.90 billion, a price-to-earnings ratio of 26.93, a PEG ratio of 4.85 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its earnings results 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 business had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The firm’s quarterly revenue was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.53 earnings per share. On average, equities research analysts anticipate that Etsy will post 2.49 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the transaction, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Etsy news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction that occurred on 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 directly owns 2,827 shares in the company, valued at $183,868.08. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.01, for a total value of $49,507.50. Following the transaction, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The disclosure for this sale can be found here. Insiders sold 3,865 shares of company stock worth $253,031 in the last three months. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its stake in shares of Etsy by 0.7% during the first quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock worth $929,695,000 after acquiring an additional 91,900 shares during the last quarter. Capital International Investors boosted its stake in Etsy by 0.6% in the 4th 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 in the last quarter. Van ECK Associates Corp grew its position in Etsy by 9.2% during the 1st quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock worth $346,528,000 after purchasing an additional 425,620 shares during the last quarter. Bares Capital Management Inc. increased its stake in Etsy by 0.9% during the 4th quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock valued at $330,711,000 after purchasing an additional 36,623 shares in the last quarter. Finally, Artisan Partners Limited Partnership raised its holdings in shares of Etsy by 2.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock worth $126,068,000 after buying an additional 30,561 shares during the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.