Needham & Company LLC Trims Etsy (NASDAQ:ETSY) Target Price to $75.00

Etsy (NASDAQ:ETSY) had its target price reduced by Needham & Company LLC from $95.00 to $75.00 in a report released on Thursday, Benzinga reports. Needham & Company LLC currently has a buy rating on the specialty retailer’s stock.

ETSY has been the subject of several other research reports. The Goldman Sachs Group downgraded shares of Etsy from a buy rating to a neutral rating and reduced their price objective for the stock from $84.00 to $80.00 in a report on Wednesday, January 10th. BTIG Research decreased their price objective on shares of Etsy from $90.00 to $87.00 and set a buy rating for the company in a report on Thursday, February 22nd. Loop Capital cut Etsy from a hold rating to a sell rating and dropped their target price for the stock from $70.00 to $50.00 in a report on Thursday. Oppenheimer decreased their price target on Etsy from $95.00 to $80.00 and set an outperform rating for the company in a research note on Monday, April 29th. Finally, Deutsche Bank Aktiengesellschaft dropped their price objective on Etsy from $80.00 to $65.00 and set a hold rating on the stock in a research note on Wednesday, April 10th. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and an average target price of $79.96.

Etsy Trading Up 1.2 %

Shares of NASDAQ:ETSY opened at $59.97 on Thursday. The firm’s 50 day moving average is $67.77 and its two-hundred day moving average is $71.55. The firm has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a PEG ratio of 4.22 and a beta of 2.00. Etsy has a 52 week low of $56.60 and a 52 week high of $102.81.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 EPS 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 business had revenue of $646.00 million during the quarter, compared to analyst estimates of $646.30 million. During the same quarter in the prior year, the business earned $0.53 earnings per share. The firm’s revenue was up .8% compared to the same quarter last year. Analysts predict that Etsy will post 2.57 EPS for the current year.

Insider Activity

In related news, CEO Josh Silverman sold 63,047 shares of the 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 sale, 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 SEC, which can be accessed through this hyperlink. In related news, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction that occurred on Tuesday, February 27th. The shares were 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 $1,677,650. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction that occurred on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at approximately $183,868.08. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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