Etsy (NASDAQ:ETSY) PT Lowered to $78.00

Etsy (NASDAQ:ETSY) had its price objective reduced by investment analysts at BTIG Research from $87.00 to $78.00 in a report released on Thursday, Benzinga reports. The firm currently has a “buy” rating on the specialty retailer’s stock. BTIG Research’s price target points to a potential upside of 32.52% from the stock’s previous close.

Several other brokerages have also recently commented on ETSY. UBS Group decreased their target price on Etsy from $75.00 to $72.00 and set a “neutral” rating for the company in a research report on Thursday, February 22nd. Piper Sandler raised their target price on Etsy from $90.00 to $103.00 and gave the stock an “overweight” rating in a research report on Thursday, February 22nd. Needham & Company LLC cut their price objective on Etsy from $95.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Wedbush cut their price objective on Etsy from $70.00 to $65.00 and set a “neutral” rating for the company in a report on Thursday. Finally, Truist Financial cut their price objective on Etsy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $79.75.

Etsy Price Performance

Shares of ETSY traded down $10.88 during trading hours on Thursday, hitting $58.86. 14,724,413 shares of the company were exchanged, compared to its average volume of 3,803,430. The company has a market capitalization of $6.89 billion, a PE ratio of 26.53, a PEG ratio of 4.81 and a beta of 2.00. The firm has a fifty day simple moving average of $68.28 and a 200-day simple moving average of $71.65. Etsy has a one year low of $56.60 and a one year high of $102.81.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). The company had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The business’s revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the business earned $0.53 earnings per share. Sell-side analysts expect that Etsy will post 2.56 EPS for the current year.

Insider Transactions at Etsy

In related news, CAO Merilee Buckley sold 1,671 shares of Etsy stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the completion of the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total value of $107,730.00. Following the sale, the insider now directly owns 13,138 shares of the company’s stock, valued at $943,571.16. The disclosure for this sale can be found here. Insiders have sold 66,968 shares of company stock valued at $4,836,827 in the last three months. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several large investors have recently modified their holdings of the business. Connor Clark & Lunn Investment Management Ltd. lifted its position in Etsy by 23.0% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock valued at $19,977,000 after acquiring an additional 57,785 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Etsy by 4.3% in the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock valued at $77,118,000 after purchasing an additional 48,934 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Etsy in the fourth quarter worth $2,273,000. International Assets Investment Management LLC acquired a new position in Etsy during the fourth quarter worth $38,490,000. Finally, CVA Family Office LLC bought a new position in Etsy in the fourth quarter valued at $27,000. 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.