Wedbush Lowers Etsy (NASDAQ:ETSY) Price Target to $70.00

Etsy (NASDAQ:ETSY) had its price target reduced by analysts at Wedbush from $80.00 to $70.00 in a report released on Wednesday, Marketbeat reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. Wedbush’s price target would indicate a potential upside of 4.17% from the stock’s current price.

A number of other analysts have also recently weighed in on ETSY. Evercore ISI reduced their price objective on shares of Etsy from $95.00 to $90.00 and set an “outperform” rating for the company in a research note on Thursday, February 22nd. UBS Group reduced their price objective on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating for the company in a research note on Thursday, February 22nd. Piper Sandler boosted their price objective on shares of Etsy from $90.00 to $103.00 and gave the stock an “overweight” rating in a research note on Thursday, February 22nd. Barclays boosted their price objective on shares of Etsy from $63.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 22nd. Finally, Morgan Stanley reiterated an “underweight” rating and set a $55.00 target price (down from $65.00) on shares of Etsy in a research note on Thursday, April 18th. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $84.46.

Etsy Stock Up 0.5 %

NASDAQ ETSY opened at $67.20 on Wednesday. The stock has a market capitalization of $7.87 billion, a PE ratio of 30.00, a price-to-earnings-growth ratio of 4.76 and a beta of 2.01. The company has a 50 day moving average price of $69.12 and a two-hundred day moving average price of $71.50. Etsy has a 12-month low of $58.20 and a 12-month high of $102.81.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates 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 analysts’ expectations of $827.40 million. As a group, equities analysts anticipate that Etsy will post 2.58 EPS for the current year.

Insider Buying and Selling at Etsy

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 the company’s 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 sale, the insider now owns 13,138 shares of the company’s stock, valued at approximately $943,571.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the company’s 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 completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. 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 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Etsy

Several large investors have recently made changes to their positions in ETSY. CVA Family Office LLC acquired a new position in Etsy during the 4th quarter worth about $27,000. Operose Advisors LLC acquired a new position in Etsy during the 3rd quarter worth about $28,000. Sunbelt Securities Inc. lifted its position in 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 lifted 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 buying an additional 358 shares in the last quarter. Finally, Tompkins Financial Corp acquired a new position in Etsy during the 4th quarter worth about $41,000. Institutional investors own 99.53% of the company’s stock.

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.