Etsy (NASDAQ:ETSY) Price Target Cut to $62.00

Etsy (NASDAQ:ETSY) had its price objective reduced by Citigroup from $72.00 to $62.00 in a report published on Thursday morning, Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

Other research analysts have also issued reports about the stock. Barclays decreased their price objective on shares of Etsy from $67.00 to $60.00 and set an equal weight rating for the company in a report on Thursday. Piper Sandler raised their target price on Etsy from $90.00 to $103.00 and gave the company an overweight rating in a research note on Thursday, February 22nd. Morgan Stanley reduced their price target on Etsy from $55.00 to $52.00 and set an underweight rating on the stock in a research note on Thursday. JMP Securities lowered Etsy from an outperform rating to a market perform rating in a research report on Thursday. Finally, The Goldman Sachs Group decreased their target price on shares of Etsy from $80.00 to $70.00 and set a neutral rating for the company in a research note on Thursday. Four equities research 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. Based on data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $79.96.

Etsy Stock Performance

Shares of Etsy stock opened at $59.97 on Thursday. Etsy has a 52-week low of $56.60 and a 52-week high of $102.81. The company’s 50 day moving average price is $67.77 and its 200-day moving average price is $71.55. The stock has a market capitalization of $7.01 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 4.73 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results 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). Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The firm had revenue of $646.00 million for the quarter, compared to analysts’ expectations of $646.30 million. During the same period in the previous year, the company earned $0.53 EPS. The company’s quarterly revenue was up .8% on a year-over-year basis. As a group, equities research analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $71.82, for a total transaction of $107,730.00. Following the transaction, the insider now owns 13,138 shares in the company, valued at approximately $943,571.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, 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 transaction of $107,730.00. Following the transaction, the insider now directly owns 13,138 shares in the company, valued at $943,571.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the transaction, 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. Over the last ninety days, insiders sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Bares Capital Management Inc. raised its holdings in Etsy by 57.8% during the third quarter. Bares Capital Management Inc. now owns 4,043,715 shares of the specialty retailer’s stock valued at $261,143,000 after acquiring an additional 1,480,655 shares during the period. Norges Bank purchased a new position in Etsy in the 4th quarter worth approximately $86,494,000. Van ECK Associates Corp boosted its stake in Etsy by 40.3% in the 3rd quarter. Van ECK Associates Corp now owns 3,649,213 shares of the specialty retailer’s stock worth $235,666,000 after purchasing an additional 1,047,811 shares during the period. TD Asset Management Inc grew its holdings in Etsy by 260.2% during the 4th quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after buying an additional 952,907 shares in the last quarter. Finally, Epoch Investment Partners Inc. raised its position in shares of Etsy by 84.4% during the fourth quarter. Epoch Investment Partners Inc. now owns 1,309,510 shares of the specialty retailer’s stock valued at $106,136,000 after buying an additional 599,286 shares during the last quarter. Hedge funds and other institutional investors 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.