Etsy (NASDAQ:ETSY) Price Target Cut to $65.00

Etsy (NASDAQ:ETSY) had its price objective lowered by stock analysts at Raymond James from $72.00 to $65.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the specialty retailer’s stock. Raymond James’ price objective indicates a potential upside of 33.66% from the company’s previous close.

A number of other research firms have also recently commented on ETSY. Wells Fargo & Company decreased their price target on Etsy from $58.00 to $47.00 and set an “underweight” rating for the company in a research note on Thursday, October 3rd. Loop Capital decreased 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. Stifel Nicolaus dropped their target price on shares of Etsy from $65.00 to $64.00 and set a “hold” rating on the stock in a research report on Thursday, August 1st. UBS Group decreased their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price objective on shares of Etsy in a report on Monday, October 7th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus price target of $66.83.

Etsy Stock Down 2.0 %

Shares of Etsy stock opened at $48.63 on Wednesday. The company has a market cap of $5.69 billion, a P/E ratio of 22.21, a PEG ratio of 4.99 and a beta of 1.97. The firm’s 50 day moving average price is $53.20 and its 200-day moving average price is $58.90. Etsy has a 52-week low of $48.07 and a 52-week high of $89.58.

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

Insider Buying and Selling

In related news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on 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 valued at $300,670. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in shares of Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares in the last quarter. Exchange Capital Management Inc. lifted its stake in shares of Etsy by 1.6% in the first quarter. Exchange Capital Management Inc. now owns 15,364 shares of the specialty retailer’s stock worth $1,056,000 after buying an additional 240 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Etsy by 7.0% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock worth $251,000 after buying an additional 240 shares in the last quarter. Meridian Management Co. lifted its stake in shares of Etsy by 0.4% in the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after buying an additional 241 shares in the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after buying an additional 253 shares in the last quarter. 99.53% of the stock is owned by hedge funds and other 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.