Etsy (NASDAQ:ETSY) Price Target Lowered to $70.00 at Wedbush

Etsy (NASDAQ:ETSY) had its price objective trimmed by Wedbush from $80.00 to $70.00 in a research report sent to investors on Wednesday morning, Marketbeat.com reports. The firm currently has a neutral rating on the specialty retailer’s stock.

Other equities research analysts have also issued research reports about the stock. BTIG Research reduced their price target on shares of Etsy from $90.00 to $87.00 and set a buy rating for the company in a research report on Thursday, February 22nd. The Goldman Sachs Group lowered shares of Etsy from a buy rating to a neutral rating and reduced their price target for the company from $84.00 to $80.00 in a research report on Wednesday, January 10th. Barclays upped their price target on shares of Etsy from $63.00 to $67.00 and gave the company an equal weight rating in a research report on Thursday, February 22nd. Needham & Company LLC reissued a buy rating and issued a $95.00 target price on shares of Etsy in a report on Friday, March 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Etsy from $80.00 to $65.00 and set a hold rating for the company in a report on Wednesday, April 10th. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Etsy presently has a consensus rating of Hold and a consensus price target of $84.46.

Etsy Stock Performance

ETSY opened at $67.43 on Wednesday. The stock has a market capitalization of $7.89 billion, a P/E ratio of 30.10, a P/E/G ratio of 4.68 and a beta of 2.01. The company’s 50-day simple moving average is $68.90 and its two-hundred day simple moving average is $71.47. Etsy has a 52-week low of $58.20 and a 52-week high of $102.81.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.78. The business had revenue of $842.32 million for the quarter, compared to analysts’ expectations of $827.40 million. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. Research analysts forecast that Etsy will post 2.58 EPS for the current fiscal year.

Insider Activity

In other news, CEO Josh Silverman sold 63,047 shares of the stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.01, for a total value of $49,507.50. Following the completion of the sale, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction on 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 sale, the chief executive officer now owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is currently owned by insiders.

Institutional Trading of Etsy

A number of institutional investors have recently bought and sold shares of the stock. Arizona State Retirement System lifted its position in Etsy by 0.5% in the fourth quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock worth $2,740,000 after buying an additional 157 shares during the last quarter. Envestnet Portfolio Solutions Inc. increased its stake in Etsy by 3.8% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock worth $354,000 after purchasing an additional 161 shares during the period. Truist Financial Corp increased its stake in Etsy by 2.7% in the fourth quarter. Truist Financial Corp now owns 6,367 shares of the specialty retailer’s stock worth $516,000 after purchasing an additional 168 shares during the period. Yousif Capital Management LLC increased its stake in Etsy by 1.1% in the first quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock worth $1,126,000 after purchasing an additional 172 shares during the period. Finally, D.A. Davidson & CO. increased its stake in Etsy by 0.9% in the fourth quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock worth $1,587,000 after purchasing an additional 184 shares during the period. 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.