Wells Fargo & Company Cuts Etsy (NASDAQ:ETSY) Price Target to $58.00

Etsy (NASDAQ:ETSY) had its price objective reduced by Wells Fargo & Company from $60.00 to $58.00 in a report issued on Thursday, Benzinga reports. Wells Fargo & Company currently has an underweight rating on the specialty retailer’s stock.

ETSY has been the subject of a number of other research reports. Piper Sandler lifted their target price on Etsy from $90.00 to $103.00 and gave the stock an overweight rating in a report on Thursday, February 22nd. Loop Capital cut shares of Etsy from a hold rating to a sell rating and lowered their target price for the stock from $70.00 to $50.00 in a report on Thursday. Barclays boosted their price target on Etsy from $63.00 to $67.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. The Goldman Sachs Group lowered Etsy from a buy rating to a neutral rating and lowered their price objective for the stock from $84.00 to $80.00 in a research note on Wednesday, January 10th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Etsy from $80.00 to $65.00 and set a hold rating for the company in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Hold and an average target price of $79.96.

Etsy Trading Up 1.2 %

NASDAQ:ETSY traded up $0.73 on Thursday, hitting $59.97. The company’s stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. Etsy has a one year low of $56.60 and a one year high of $102.81. The firm has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a price-to-earnings-growth ratio of 4.22 and a beta of 2.00. The stock has a fifty day moving average of $67.77 and a two-hundred day moving average of $71.53.

Etsy (NASDAQ:ETSY) last announced its quarterly 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 during the quarter, compared to analyst estimates of $646.30 million. Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The firm’s quarterly revenue was up .8% on a year-over-year basis. During the same quarter last year, the company posted $0.53 EPS. As a group, sell-side analysts anticipate that Etsy will post 2.57 EPS for the current year.

Insider Buying and Selling at Etsy

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

Institutional Investors Weigh In On Etsy

Large investors have recently modified their holdings of the company. CVA Family Office LLC bought a new stake in shares of Etsy during the 4th quarter valued at about $27,000. Operose Advisors LLC acquired a new position in Etsy in the third quarter valued at approximately $28,000. Sunbelt Securities Inc. boosted its holdings in shares of Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after buying an additional 429 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after buying an additional 358 shares during the period. Finally, Larson Financial Group LLC lifted its position in shares of Etsy by 1,576.5% during the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 536 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.