Etsy (NYSE:ETSY) Price Target Raised to $89.00

Etsy (NYSE:ETSY) had its price objective upped by Argus from $67.00 to $89.00 in a research report released on Tuesday morning,Benzinga reports. Argus currently has a buy rating on the stock.

ETSY has been the subject of a number of other reports. The Goldman Sachs Group assumed coverage on Etsy in a report on Monday, August 17th. They issued a “neutral” rating and a $89.00 price target for the company. Needham & Company LLC lifted their target price on shares of Etsy from $85.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Cantor Fitzgerald increased their price objective on shares of Etsy from $80.00 to $85.00 and gave the company a “neutral” rating in a report on Friday, August 7th. B. Riley Financial raised their target price on shares of Etsy from $75.00 to $82.00 and gave the stock a “neutral” rating in a research note on Monday, August 10th. Finally, President Capital upgraded Etsy from a “neutral” rating to a “buy” rating and upped their price target for the company from $57.00 to $91.00 in a research report on Thursday, June 25th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seventeen have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $85.46.

Etsy Trading Up 0.8%

Shares of ETSY opened at $71.75 on Tuesday. The firm has a market capitalization of $6.81 billion, a P/E ratio of 40.08, a P/E/G ratio of 1.78 and a beta of 1.81. The firm has a fifty day moving average price of $81.03 and a 200-day moving average price of $68.19. Etsy has a 12-month low of $44.00 and a 12-month high of $87.97.

Etsy (NYSE:ETSY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). The firm had revenue of $668.31 million for the quarter, compared to the consensus estimate of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.Etsy’s quarterly revenue was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 EPS. Analysts predict that Etsy will post 3.94 earnings per share for the current year.

Insider Activity

In other Etsy news, CAO Merilee Buckley sold 405 shares of the stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $79.50, for a total transaction of $32,197.50. Following the completion of the transaction, the chief accounting officer owned 167 shares of the company’s stock, valued at $13,276.50. This trade represents a 70.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $81.86, for a total transaction of $1,637,200.00. Following the sale, the director owned 401,329 shares of the company’s stock, valued at approximately $32,852,791.94. This represents a 4.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 471,017 shares of company stock worth $36,593,674. 2.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently made changes to their positions in ETSY. Headlands Technologies LLC purchased a new stake in shares of Etsy in the 2nd quarter valued at approximately $1,045,000. Ieq Capital LLC purchased a new stake in shares of Etsy during the 2nd quarter worth $4,083,000. Landscape Capital Management L.L.C. purchased a new stake in shares of Etsy during the 2nd quarter worth $6,466,000. Bank of Nova Scotia acquired a new position in shares of Etsy during the second quarter worth $18,602,000. Finally, Janus Henderson Group PLC grew its stake in shares of Etsy by 627.2% during the first quarter. Janus Henderson Group PLC now owns 279,407 shares of the company’s stock worth $13,962,000 after purchasing an additional 240,986 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Company Profile

Etsy, Inc operates a global online marketplace that connects buyers with independent sellers offering handmade, personalized and vintage goods, as well as craft supplies. Its marketplace includes products such as jewelry, clothing, home décor, art, gifts and party supplies.

The company provides tools and services that support commerce on its platform, including seller storefronts, search and discovery features, payment processing, advertising, shipping solutions and customer support. Etsy primarily serves individual entrepreneurs and small businesses seeking to reach consumers interested in distinctive and creatively designed products.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.