Etsy (NASDAQ:ETSY) Price Target Cut to $58.00

Etsy (NASDAQ:ETSY) had its price target decreased by equities research analysts at Bank of America from $61.00 to $58.00 in a research note issued on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Bank of America‘s target price would indicate a potential upside of 19.24% from the company’s current price.

ETSY has been the topic of a number of other research reports. Raymond James lowered their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday. Wolfe Research assumed coverage on shares of Etsy in a research report on Tuesday, July 16th. They set a “peer perform” rating for the company. Truist Financial reaffirmed a “buy” rating and set a $76.00 target price on shares of Etsy in a research note on Tuesday, September 24th. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Wednesday. Finally, Oppenheimer downgraded Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Etsy presently has a consensus rating of “Hold” and an average price target of $66.83.

Etsy Price Performance

NASDAQ:ETSY opened at $48.64 on Thursday. The company has a market cap of $5.69 billion, a P/E ratio of 22.21, a P/E/G ratio of 4.99 and a beta of 1.97. The firm’s fifty day moving average price is $53.09 and its two-hundred day moving average price is $58.78. Etsy has a one year low of $48.07 and a one year high of $89.58.

Etsy (NASDAQ:ETSY) last posted its 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 firm had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. During the same period in the previous year, the company posted $0.83 EPS. Etsy’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, equities research analysts expect that Etsy will post 2.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the completion of the sale, the insider now owns 18,833 shares of the company’s stock, valued at $1,125,083.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the transaction, the insider now owns 18,833 shares in the company, valued at approximately $1,125,083.42. This represents 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 accessible through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 5,619 shares of company stock worth $300,670. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently modified their holdings of the company. Sunbelt Securities Inc. lifted its stake in shares of Etsy by 3,900.0% in the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after buying an additional 429 shares in the last quarter. MCF Advisors LLC lifted its position in Etsy by 23,542.9% in the 1st quarter. MCF Advisors LLC now owns 3,310 shares of the specialty retailer’s stock valued at $227,000 after acquiring an additional 3,296 shares in the last quarter. Fiduciary Alliance LLC acquired a new position in Etsy during the 1st quarter valued at about $262,000. Allspring Global Investments Holdings LLC increased its holdings in Etsy by 68.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,968 shares of the specialty retailer’s stock worth $754,000 after purchasing an additional 4,474 shares in the last quarter. Finally, Deepwater Asset Management LLC raised its stake in shares of Etsy by 8.6% in the first quarter. Deepwater Asset Management LLC now owns 175,507 shares of the specialty retailer’s stock worth $12,061,000 after purchasing an additional 13,947 shares during the last quarter. 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.