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

Etsy (NASDAQ:ETSY) had its target price decreased by Wedbush from $70.00 to $65.00 in a research report report published on Thursday morning, Benzinga reports. Wedbush currently has a neutral rating on the specialty retailer’s stock.

Other equities research analysts have also issued reports about the company. Loop Capital lowered Etsy from a hold rating to a sell rating and cut their price objective for the stock from $70.00 to $50.00 in a research report on Thursday. The Goldman Sachs Group cut shares of Etsy from a buy rating to a neutral rating and cut their price target for the company from $84.00 to $80.00 in a report on Wednesday, January 10th. Morgan Stanley restated an underweight rating and issued a $55.00 price objective (down from $65.00) on shares of Etsy in a report on Thursday, April 18th. 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. Finally, Evercore ISI decreased their price target on shares of Etsy from $95.00 to $90.00 and set an outperform rating for the company in a research note on Thursday, February 22nd. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of Hold and a consensus price target of $79.96.

Etsy Stock Performance

NASDAQ:ETSY traded up $0.73 during midday trading on Thursday, reaching $59.97. 5,617,654 shares of the stock traded hands, compared to its average volume of 3,661,918. The stock has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a PEG ratio of 4.22 and a beta of 2.00. The company has a fifty day moving average of $67.77 and a 200 day moving average of $71.53. Etsy has a 12 month low of $56.60 and a 12 month high of $102.81.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing the consensus estimate of $0.49 by ($0.01). The firm had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The business’s revenue was up .8% on a year-over-year basis. During the same period last year, the company posted $0.53 earnings per share. On average, analysts predict that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total value of $107,730.00. Following the completion of the sale, the insider now owns 13,138 shares of the company’s stock, valued at $943,571.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders have sold a total of 66,968 shares of company stock valued at $4,836,827 over the last ninety days. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of large investors have recently made changes to their positions in the company. CVA Family Office LLC purchased a new position in shares of Etsy in the fourth quarter worth approximately $27,000. Operose Advisors LLC purchased a new stake in Etsy during the third quarter valued at approximately $28,000. Sunbelt Securities Inc. raised its position in Etsy by 3,900.0% in the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 429 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after acquiring an additional 358 shares during the last quarter. Finally, Tompkins Financial Corp bought a new stake in shares of Etsy during the 4th quarter valued at $41,000. 99.53% of the stock is currently 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.