Etsy (NASDAQ:ETSY) Given New $56.00 Price Target at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its target price cut by Wells Fargo & Company from $58.00 to $56.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

A number of other research analysts also recently issued reports on the stock. BTIG Research dropped their price target on shares of Etsy from $87.00 to $78.00 and set a buy rating on the stock in a research report on Thursday, May 2nd. The Goldman Sachs Group dropped their price target on shares of Etsy from $80.00 to $70.00 and set a neutral rating on the stock in a research report on Thursday, May 2nd. Oppenheimer dropped their price target on shares of Etsy from $95.00 to $80.00 and set an outperform rating on the stock in a research report on Monday, April 29th. Canaccord Genuity Group dropped their price target on shares of Etsy from $125.00 to $105.00 and set a buy rating on the stock in a research report on Thursday, May 2nd. Finally, Needham & Company LLC dropped their target price on shares of Etsy from $95.00 to $75.00 and set a buy rating on the stock in a research report on Thursday, May 2nd. Four investment analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Hold and an average target price of $79.88.

Etsy Price Performance

ETSY opened at $59.49 on Tuesday. Etsy has a fifty-two week low of $56.60 and a fifty-two week high of $102.81. The firm has a market capitalization of $6.96 billion, a price-to-earnings ratio of 27.16, a PEG ratio of 4.90 and a beta of 1.99. The company’s 50 day moving average price is $63.42 and its two-hundred day moving average price is $69.73.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. During the same period in the previous year, the firm earned $0.53 earnings per share. The company’s revenue was up .8% compared to the same quarter last year. As a group, equities research analysts predict that Etsy will post 2.49 EPS for the current year.

Insider Transactions at Etsy

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

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. CVA Family Office LLC bought a new position in Etsy during the fourth quarter worth about $27,000. Operose Advisors LLC bought a new position in Etsy during the third quarter worth about $28,000. Sunbelt Securities Inc. boosted its position 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 purchasing an additional 429 shares during the period. EverSource Wealth Advisors LLC boosted its position in 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 during the period. Finally, Tompkins Financial Corp bought a new position in Etsy during the fourth quarter worth about $41,000. Institutional investors own 99.53% of the company’s stock.

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.