Wells Fargo & Company Lowers Etsy (NASDAQ:ETSY) Price Target to $46.00

Etsy (NASDAQ:ETSY) had its price target cut by analysts at Wells Fargo & Company from $47.00 to $46.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 5.49% from the stock’s current price.

ETSY has been the subject of several other research reports. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and increased their price target for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Deutsche Bank Aktiengesellschaft downgraded Etsy to a “hold” rating and cut their price target for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Morgan Stanley cut their price target on Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday, February 20th. Loop Capital dropped their price objective on shares of Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a report on Thursday, February 20th. Finally, Canaccord Genuity Group reduced their target price on shares of Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $58.38.

Etsy Trading Down 3.5 %

ETSY stock traded down $1.75 during trading on Wednesday, reaching $48.67. 3,184,620 shares of the stock were exchanged, compared to its average volume of 3,787,024. The firm’s 50 day moving average is $50.70 and its 200 day moving average is $52.54. Etsy has a twelve month low of $43.43 and a twelve month high of $71.72. The firm has a market cap of $5.21 billion, a P/E ratio of 20.54, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same period in the previous year, the company posted $0.62 EPS. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, analysts predict that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Transactions at Etsy

In other news, CEO Josh Silverman sold 21,666 shares of the stock in a transaction on Monday, February 24th. The stock was sold at an average price of $52.05, for a total value of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares in the company, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $50.48, for a total transaction of $75,720.00. Following the completion of the sale, the insider now directly owns 20,698 shares in the company, valued at approximately $1,044,835.04. This trade represents a 6.76 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,666 shares of company stock valued at $1,286,445. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Kera Capital Partners Inc. purchased a new position in shares of Etsy during the first quarter worth approximately $231,000. 111 Capital acquired a new position in Etsy in the fourth quarter valued at $310,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Etsy by 125.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the specialty retailer’s stock valued at $923,000 after buying an additional 9,718 shares during the last quarter. Brooklyn FI LLC purchased a new position in shares of Etsy during the fourth quarter worth about $5,229,000. Finally, Neo Ivy Capital Management purchased a new position in shares of Etsy during the fourth quarter worth about $3,334,000. Hedge funds and other institutional investors 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.