The Goldman Sachs Group Lowers Etsy (NASDAQ:ETSY) Price Target to $70.00

Etsy (NASDAQ:ETSY) had its price target decreased by equities research analysts at The Goldman Sachs Group from $80.00 to $70.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “neutral” rating on the specialty retailer’s stock. The Goldman Sachs Group’s price target suggests a potential upside of 17.15% from the company’s current price.

A number of other research firms also recently issued reports on ETSY. Wedbush dropped their price objective on shares of Etsy from $70.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday. Evercore ISI reduced their price objective on Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. Needham & Company LLC lowered their target price on Etsy from $95.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday. Truist Financial cut their price target on Etsy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Finally, Loop Capital downgraded Etsy from a “hold” rating to a “sell” rating and decreased their price objective for the stock from $70.00 to $50.00 in a research note on Thursday. Four investment analysts have rated the stock with a sell rating, nine have given a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $80.96.

Etsy Trading Down 14.3 %

NASDAQ:ETSY traded down $9.99 on Thursday, reaching $59.75. 11,743,231 shares of the stock traded hands, compared to its average volume of 3,763,015. The company has a market capitalization of $6.99 billion, a price-to-earnings ratio of 26.66, a PEG ratio of 4.81 and a beta of 2.00. Etsy has a 12 month low of $56.60 and a 12 month high of $102.81. The company’s fifty day simple moving average is $68.28 and its 200 day simple moving average is $71.65.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (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 net margin of 11.19% and a negative return on equity of 70.75%. The business’s revenue was up .8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.53 EPS. Equities analysts anticipate that Etsy will post 2.56 EPS for the current fiscal year.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total transaction of $107,730.00. Following the completion of the transaction, the insider now directly owns 13,138 shares of the company’s stock, valued at $943,571.16. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, CEO Josh Silverman sold 63,047 shares of the business’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 transaction, 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 filing with the SEC, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the firm’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 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. Over the last three months, insiders have sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently made changes to their positions in the company. CVA Family Office LLC purchased a new stake in Etsy during the fourth quarter valued at approximately $27,000. Operose Advisors LLC purchased a new position in Etsy during the 3rd quarter worth approximately $28,000. Sunbelt Securities Inc. boosted its holdings in shares of Etsy by 3,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after acquiring an additional 429 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in 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 purchasing an additional 358 shares during the period. Finally, Tompkins Financial Corp acquired a new stake in Etsy during the fourth quarter worth about $41,000. 99.53% of the stock is currently owned by hedge funds and other 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.