Etsy (NASDAQ:ETSY) Price Target Cut to $65.00 by Analysts at Wedbush

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

A number of other research firms have also recently weighed in on ETSY. Piper Sandler lifted their target price on shares of Etsy from $90.00 to $103.00 and gave the company an overweight rating in a research note on Thursday, February 22nd. BTIG Research lowered their target price on Etsy from $90.00 to $87.00 and set a buy rating for the company in a research report on Thursday, February 22nd. UBS Group reduced their price target on shares of Etsy from $75.00 to $72.00 and set a neutral rating on the stock in a research report on Thursday, February 22nd. Needham & Company LLC lowered their price objective on shares of Etsy from $95.00 to $75.00 and set a buy rating for the company in a research report on Thursday. Finally, Barclays boosted their target price on shares of Etsy from $63.00 to $67.00 and gave the stock an equal weight rating in a report on Thursday, February 22nd. Four investment analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average target price of $79.96.

Etsy Stock Up 1.2 %

NASDAQ ETSY opened at $59.97 on Thursday. The stock’s 50-day moving average price is $67.77 and its 200-day moving average price is $71.55. The company has a market capitalization of $7.01 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 4.73 and a beta of 2.00. Etsy has a 52 week low of $56.60 and a 52 week high of $102.81.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates 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 negative return on equity of 67.27% and a net margin of 10.75%. Etsy’s revenue was up .8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.53 EPS. Research analysts anticipate that Etsy will post 2.57 EPS for the current year.

Insider Transactions at Etsy

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

Hedge Funds Weigh In On Etsy

A number of large investors have recently added to or reduced their stakes in ETSY. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Etsy by 27.8% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock worth $2,913,000 after purchasing an additional 9,800 shares in the last quarter. Xponance Inc. lifted its position in shares of Etsy by 8.1% in the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock valued at $1,670,000 after acquiring an additional 1,946 shares in the last quarter. Raymond James & Associates boosted its stake in shares of Etsy by 2.0% in the third quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock worth $7,140,000 after acquiring an additional 2,204 shares during the last quarter. Rovin Capital UT ADV increased its position in shares of Etsy by 28.6% during the third quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock worth $354,000 after purchasing an additional 1,218 shares in the last quarter. Finally, Concord Wealth Partners increased its position in shares of Etsy by 9,333.3% during the third quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after purchasing an additional 1,960 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.