Etsy (NASDAQ:ETSY) Price Target Lowered to $52.00 at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its price objective cut by Wells Fargo & Company from $58.00 to $52.00 in a research note published on Thursday morning,Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

Several other research analysts have also recently weighed in on the company. Needham & Company LLC boosted their price objective on Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday. Moffett Nathanson reissued a “neutral” rating on shares of Etsy in a research report on Wednesday. Cantor Fitzgerald boosted their target price on Etsy from $52.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Morgan Stanley boosted their target price on Etsy from $61.00 to $65.00 and gave the company an “equal weight” rating in a research note on Wednesday. Finally, Stifel Nicolaus boosted their target price on Etsy from $45.00 to $66.00 and gave the company a “hold” rating in a research note on Tuesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nineteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $64.24.

Etsy Trading Down 5.0%

ETSY stock opened at $61.93 on Thursday. The stock’s fifty day simple moving average is $64.41 and its two-hundred day simple moving average is $57.75. Etsy has a 1-year low of $40.05 and a 1-year high of $76.51. The stock has a market cap of $6.14 billion, a P/E ratio of 49.94, a P/E/G ratio of 10.65 and a beta of 1.85.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The business had revenue of $678.03 million for the quarter, compared to analysts’ expectations of $655.83 million. During the same quarter in the previous year, the firm earned $0.45 earnings per share. The business’s revenue was up 2.4% on a year-over-year basis. As a group, analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the business’s stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $70.19, for a total transaction of $1,520,736.54. Following the sale, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $4,399,088.06. The trade was a 25.69% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Charles Andrew Ballard sold 2,400 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $62.42, for a total value of $149,808.00. Following the sale, the director owned 5,796 shares in the company, valued at approximately $361,786.32. The trade was a 29.28% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 372,592 shares of company stock worth $24,594,707 in the last 90 days. 2.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETSY. Heritage Wealth Advisors grew its position in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after buying an additional 405 shares in the last quarter. Signaturefd LLC grew its position in Etsy by 52.7% during the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after buying an additional 192 shares in the last quarter. Allworth Financial LP grew its position in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after buying an additional 248 shares in the last quarter. Elevation Point Wealth Partners LLC purchased a new position in Etsy during the second quarter worth about $35,000. Finally, SVB Wealth LLC purchased a new position in Etsy during the first quarter worth about $36,000. 99.53% of the stock is currently owned by hedge funds and other 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.