Etsy (NASDAQ:ETSY) Price Target Cut to $56.00 by Analysts at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its target price cut by equities researchers at Wells Fargo & Company from $58.00 to $56.00 in a report released on Tuesday, Benzinga reports. The firm currently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price would suggest a potential downside of 6.59% from the stock’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Barclays reduced their target price on shares of Etsy from $67.00 to $60.00 and set an “equal weight” rating for the company in a research report on Thursday, May 2nd. Morgan Stanley cut their target price on shares of Etsy from $55.00 to $52.00 and set an “underweight” rating on the stock in a research report on Thursday, May 2nd. BTIG Research cut their price target on Etsy from $87.00 to $78.00 and set a “buy” rating on the stock in a research note on Thursday, May 2nd. B. Riley reduced their target price on shares of Etsy from $91.00 to $83.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Finally, Truist Financial reduced their target price on Etsy from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Thursday, May 2nd. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $79.88.

Etsy Stock Performance

Etsy stock opened at $59.95 on Tuesday. Etsy has a 52 week low of $56.60 and a 52 week high of $102.81. The stock has a 50-day simple moving average of $63.59 and a 200 day simple moving average of $69.87. The stock has a market capitalization of $7.01 billion, a P/E ratio of 27.37, a PEG ratio of 4.90 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released 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 company had revenue of $646.00 million during the quarter, compared to analyst estimates of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. Etsy’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.53 earnings per share. Research analysts forecast that Etsy will post 2.49 earnings per share for the current year.

Insider Buying and Selling at Etsy

In related news, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Toni Thompson Nadal sold 1,444 shares of Etsy stock in a transaction dated Monday, June 10th. The shares were sold at an average price of $65.68, for a total value of $94,841.92. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at $38,882.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at approximately $183,868.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 3,865 shares of company stock worth $253,031. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of large investors have recently modified their holdings of the company. CVA Family Office LLC bought a new position in Etsy in the 4th quarter valued at $27,000. Operose Advisors LLC purchased a new stake in shares of Etsy in the 3rd quarter valued at about $28,000. Sunbelt Securities Inc. boosted its position in shares of Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 429 shares during the last quarter. EverSource Wealth Advisors LLC grew its holdings in shares of Etsy by 402.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after purchasing an additional 358 shares in the last quarter. Finally, Larson Financial Group LLC increased its position in shares of Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 536 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

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.