Etsy (NASDAQ:ETSY) Price Target Cut to $58.00 by Analysts at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its price objective reduced by stock analysts at Wells Fargo & Company from $60.00 to $58.00 in a report released on Thursday, Benzinga reports. The firm presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 3.28% from the stock’s current price.

ETSY has been the topic of a number of other research reports. UBS Group reduced their target price on Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a report on Thursday, February 22nd. Needham & Company LLC reduced their price target on shares of Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday. Truist Financial dropped their price objective on shares of Etsy from $87.00 to $85.00 and set a “buy” rating for the company in a research report on Thursday, February 22nd. Evercore ISI reduced their target price on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating on the stock in a report on Thursday, February 22nd. Finally, The Goldman Sachs Group downgraded Etsy from a “buy” rating to a “neutral” rating and lowered their price target for the company from $84.00 to $80.00 in a report on Wednesday, January 10th. Four research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $79.96.

Etsy Price Performance

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

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The company had revenue of $646.00 million during 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%. Etsy’s revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Sell-side analysts expect that Etsy will post 2.55 EPS for the current fiscal year.

Insider Transactions at Etsy

In related news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, CAO Merilee Buckley sold 1,671 shares of Etsy 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 transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total transaction of $107,730.00. Following the sale, the insider now owns 13,138 shares in the company, valued at approximately $943,571.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Etsy

A number of large investors have recently modified their holdings of the company. Geneva Capital Management LLC grew its position in Etsy by 2.8% in the 1st quarter. Geneva Capital Management LLC now owns 69,965 shares of the specialty retailer’s stock worth $4,808,000 after purchasing an additional 1,934 shares during the last quarter. DAVENPORT & Co LLC grew its holdings in Etsy by 120.7% in the 1st quarter. DAVENPORT & Co LLC now owns 789,917 shares of the specialty retailer’s stock worth $54,021,000 after buying an additional 431,993 shares in the last quarter. Larson Financial Group LLC increased its position in Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 536 shares during the period. Rehmann Capital Advisory Group raised its stake in Etsy by 30.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 5,005 shares of the specialty retailer’s stock valued at $344,000 after acquiring an additional 1,165 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Etsy by 79.3% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,059 shares of the specialty retailer’s stock worth $485,000 after acquiring an additional 3,122 shares during the period. 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.