UBS Group Lowers Etsy (NASDAQ:ETSY) Price Target to $58.00

Etsy (NASDAQ:ETSY) had its price objective cut by analysts at UBS Group from $65.00 to $58.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. UBS Group’s target price would indicate a potential upside of 10.41% from the company’s previous close.

Several other analysts also recently issued reports on ETSY. Loop Capital lowered their price objective on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research report on Monday, August 12th. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price objective on shares of Etsy in a research report on Monday, October 7th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a research report on Friday, August 23rd. The Goldman Sachs Group downgraded shares of Etsy from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $70.00 to $45.00 in a research report on Tuesday. Finally, Truist Financial reissued a “buy” rating and set a $76.00 price target on shares of Etsy in a research report on Tuesday, September 24th. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus price target of $69.36.

Etsy Stock Performance

NASDAQ ETSY opened at $52.53 on Tuesday. Etsy has a one year low of $48.07 and a one year high of $89.58. The company’s 50 day moving average price is $53.60 and its 200 day moving average price is $59.49. The firm has a market capitalization of $6.14 billion, a price-to-earnings ratio of 23.99, a PEG ratio of 4.99 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The business had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. During the same quarter in the previous year, the business posted $0.83 EPS. The company’s quarterly revenue was up 3.0% on a year-over-year basis. Sell-side analysts forecast that Etsy will post 2.38 EPS for the current fiscal year.

Insider Buying and Selling at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now directly owns 592 shares in the company, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 5,619 shares of company stock worth $300,670. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently modified their holdings of the stock. Sunbelt Securities Inc. grew its holdings in Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 429 shares during the period. UMB Bank n.a. grew its holdings in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares during the period. Larson Financial Group LLC grew its holdings in Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after acquiring an additional 536 shares during the period. 1620 Investment Advisors Inc. acquired a new position in Etsy during the second quarter worth about $42,000. Finally, Headlands Technologies LLC acquired a new position in Etsy during the first quarter worth about $59,000. 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.