Wells Fargo & Company Cuts Etsy (NASDAQ:ETSY) Price Target to $44.00

Etsy (NASDAQ:ETSY) had its price target trimmed by Wells Fargo & Company from $47.00 to $44.00 in a report released on Friday, Benzinga reports. The brokerage currently has an underweight rating on the specialty retailer’s stock.

Several other research analysts have also commented on ETSY. Barclays decreased their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday. UBS Group lowered their target price on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 price target on shares of Etsy in a research report on Monday, October 7th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday. Finally, Raymond James dropped their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $64.87.

Etsy Stock Performance

NASDAQ:ETSY opened at $52.77 on Friday. Etsy has a one year low of $47.10 and a one year high of $89.58. The business’s 50-day simple moving average is $52.60 and its 200 day simple moving average is $58.08. The stock has a market cap of $6.06 billion, a price-to-earnings ratio of 26.92, a price-to-earnings-growth ratio of 5.94 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The company had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 EPS. On average, equities research analysts predict that Etsy will post 2.3 EPS for the current year.

Etsy announced that its board has approved a share buyback program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares in the company, valued at approximately $1,001,798.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 4,619 shares of company stock worth $240,825 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Trading of Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Vanguard Group Inc. lifted its stake in Etsy by 0.7% in the 1st 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 in the last quarter. Van ECK Associates Corp increased its holdings in shares of Etsy by 14.3% in the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after purchasing an additional 721,454 shares during the period. Renaissance Technologies LLC lifted its position in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in shares of Etsy by 52.3% during the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after purchasing an additional 721,453 shares during the period. Finally, TD Asset Management Inc grew its position in Etsy by 16.8% during the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after purchasing an additional 221,275 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.