Truist Financial Cuts Etsy (NASDAQ:ETSY) Price Target to $75.00

Etsy (NASDAQ:ETSY) had its target price lowered by Truist Financial from $85.00 to $75.00 in a research report sent to investors on Thursday morning, Benzinga reports. Truist Financial currently has a buy rating on the specialty retailer’s stock.

Several other equities analysts also recently weighed in on the company. Piper Sandler raised their target price on Etsy from $90.00 to $103.00 and gave the company an overweight rating in a research report on Thursday, February 22nd. BTIG Research reduced their price objective on Etsy from $90.00 to $87.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Wells Fargo & Company lowered their target price on shares of Etsy from $60.00 to $58.00 and set an underweight rating on the stock in a research note on Thursday. Oppenheimer reduced their target price on shares of Etsy from $95.00 to $80.00 and set an outperform rating for the company in a research report on Monday, April 29th. Finally, Barclays boosted their price target on shares of Etsy from $63.00 to $67.00 and gave the stock an equal weight rating in a research report on Thursday, February 22nd. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $79.96.

Etsy Price Performance

NASDAQ ETSY traded up $0.73 on Thursday, hitting $59.97. The company had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The company’s fifty day moving average price is $67.77 and its 200-day moving average price is $71.53. The company has a market capitalization of $7.02 billion, a PE ratio of 27.38, a PEG ratio of 4.22 and a beta of 2.00. Etsy has a 12-month low of $56.60 and a 12-month high of $102.81.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). The company had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The firm’s revenue for the quarter was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.53 EPS. On average, sell-side analysts anticipate that Etsy will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In other news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction on Wednesday, April 3rd. The stock was 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 directly 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 at this link. In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the company’s 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 sale, the insider now owns 13,138 shares in the company, valued at approximately $943,571.16. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of Etsy stock in a transaction that occurred on Wednesday, April 3rd. The stock was 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 of the company’s stock, valued at approximately $183,868.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in shares of Etsy by 27.8% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock worth $2,913,000 after buying an additional 9,800 shares during the last quarter. Xponance Inc. increased its position in shares of Etsy by 8.1% during the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock worth $1,670,000 after purchasing an additional 1,946 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of Etsy by 2.0% in the 3rd quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock valued at $7,140,000 after purchasing an additional 2,204 shares during the last quarter. Rovin Capital UT ADV boosted its position in shares of Etsy by 28.6% in the 3rd quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock valued at $354,000 after purchasing an additional 1,218 shares during the period. Finally, Concord Wealth Partners grew its stake in Etsy by 9,333.3% during the 3rd quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after buying an additional 1,960 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.