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

Etsy (NASDAQ:ETSY) had its price objective decreased by Wedbush from $80.00 to $70.00 in a report released on Wednesday, Marketbeat reports. Wedbush currently has a neutral rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other reports. Deutsche Bank Aktiengesellschaft cut their price target on Etsy from $80.00 to $65.00 and set a hold rating on the stock in a research note on Wednesday, April 10th. Truist Financial cut their price target on Etsy from $87.00 to $85.00 and set a buy rating on the stock in a research note on Thursday, February 22nd. Evercore ISI cut their price target on Etsy from $95.00 to $90.00 and set an outperform rating on the stock in a research note on Thursday, February 22nd. UBS Group cut their price target on Etsy from $75.00 to $72.00 and set a neutral rating on the stock in a research note on Thursday, February 22nd. Finally, Barclays lifted their price target on Etsy from $63.00 to $67.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. Three analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $84.46.

Etsy Stock Down 2.2 %

NASDAQ:ETSY opened at $66.87 on Wednesday. The stock’s 50-day simple moving average is $69.30 and its 200 day simple moving average is $71.53. The firm has a market capitalization of $7.83 billion, a PE ratio of 29.85, a price-to-earnings-growth ratio of 4.76 and a beta of 2.01. Etsy has a twelve month low of $58.20 and a twelve month high of $102.81.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share for the quarter, meeting the consensus estimate of $0.78. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The business had revenue of $842.32 million for the quarter, compared to analyst estimates of $827.40 million. On average, analysts anticipate that Etsy will post 2.58 EPS for the current fiscal year.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 13,138 shares in the company, valued at $943,571.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Etsy news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction that occurred on 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 in the company, valued at $1,677,650. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred 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 completion of the sale, the insider now owns 13,138 shares of the company’s stock, valued at $943,571.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Hedge funds have recently added to or reduced their stakes in the company. Connor Clark & Lunn Investment Management Ltd. grew its stake in Etsy by 23.0% in the third 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 during the period. Northern Trust Corp grew its stake in 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 acquiring an additional 48,934 shares during the period. Harel Insurance Investments & Financial Services Ltd. acquired a new stake in Etsy in the fourth quarter valued at approximately $2,273,000. International Assets Investment Management LLC acquired a new stake in Etsy in the fourth quarter valued at approximately $38,490,000. Finally, CVA Family Office LLC acquired a new stake in Etsy in the fourth quarter valued at approximately $27,000. Institutional investors and hedge funds 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.