Wedbush Lowers Etsy (NASDAQ:ETSY) Price Target to $65.00

Etsy (NASDAQ:ETSY) had its price target decreased by stock analysts at Wedbush from $70.00 to $65.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Wedbush’s price objective points to a potential upside of 11.63% from the stock’s current price.

Several other research analysts also recently weighed in on the stock. Needham & Company LLC cut their target price on shares of Etsy from $95.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday. UBS Group decreased their price target on Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Barclays increased their price objective on shares of Etsy from $63.00 to $67.00 and gave the stock an “equal weight” rating in a report on Thursday, February 22nd. Piper Sandler boosted their price objective on shares of Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research note on Thursday, February 22nd. Finally, Loop Capital cut Etsy from a “hold” rating to a “sell” rating and reduced their target price for the company from $70.00 to $50.00 in a report on Thursday. Four equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $81.67.

Etsy Trading Down 16.5 %

Shares of ETSY traded down $11.51 during mid-day trading on Thursday, hitting $58.23. The company’s stock had a trading volume of 5,843,112 shares, compared to its average volume of 3,692,363. Etsy has a 1-year low of $56.60 and a 1-year high of $102.81. The firm has a 50-day simple moving average of $68.28 and a 200 day simple moving average of $71.65. The firm has a market capitalization of $6.82 billion, a P/E ratio of 26.00, a P/E/G ratio of 4.81 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share for the quarter, meeting the consensus estimate of $0.78. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. The firm had revenue of $842.32 million during the quarter, compared to the consensus estimate of $827.40 million. As a group, sell-side analysts predict that Etsy will post 2.56 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the sale, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total transaction of $107,730.00. Following the transaction, the insider now owns 13,138 shares in the company, valued at approximately $943,571.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the sale, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock worth $4,836,827 in the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Trading of Etsy

A number of institutional investors have recently modified their holdings of the company. Capital International Investors raised its holdings in shares of Etsy by 0.6% in the fourth quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock valued at $662,605,000 after purchasing an additional 45,305 shares during the last quarter. Van ECK Associates Corp raised its holdings in shares of Etsy by 9.2% in the 1st quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock valued at $346,528,000 after purchasing an additional 425,620 shares during the period. Bares Capital Management Inc. lifted its stake in Etsy by 0.9% in the 4th quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock valued at $330,711,000 after purchasing an additional 36,623 shares during the last quarter. Artisan Partners Limited Partnership increased its position in Etsy by 2.0% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock worth $126,068,000 after buying an additional 30,561 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in shares of Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after buying an additional 952,907 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.