Wells Fargo & Company Cuts Etsy (NASDAQ:ETSY) Price Target to $60.00

Etsy (NASDAQ:ETSY) had its price objective trimmed by Wells Fargo & Company from $62.00 to $60.00 in a research note published on Thursday, Benzinga reports. The brokerage currently has an underweight rating on the specialty retailer’s stock.

ETSY has been the subject of several other reports. B. Riley started coverage on shares of Etsy in a research note on Friday, December 8th. They set a buy rating and a $100.00 target price for the company. Raymond James increased their price objective on shares of Etsy from $70.00 to $90.00 and gave the company an outperform rating in a research note on Thursday, December 14th. Needham & Company LLC restated a buy rating and issued a $95.00 price objective on shares of Etsy in a research note on Friday, March 1st. Piper Sandler increased their price objective on shares of Etsy from $90.00 to $103.00 and gave the company an overweight rating in a research note on Thursday, February 22nd. Finally, Wedbush dropped their price objective on shares of Etsy from $85.00 to $80.00 and set a neutral rating for the company in a research note on Thursday, February 22nd. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $88.79.

Etsy Price Performance

NASDAQ:ETSY opened at $64.98 on Thursday. The stock has a market cap of $7.70 billion, a P/E ratio of 29.01, a PEG ratio of 4.53 and a beta of 2.01. Etsy has a one year low of $58.20 and a one year high of $105.29. The company has a fifty day moving average price of $70.80 and a 200 day moving average price of $71.14.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 EPS for the quarter, meeting the consensus estimate of $0.78. The firm had revenue of $842.32 million during the quarter, compared to analysts’ expectations of $827.40 million. Etsy had a net margin of 11.19% and a negative return on equity of 70.75%. As a group, equities research analysts anticipate that Etsy will post 2.6 EPS for the current year.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total transaction of $49,507.50. Following the sale, the insider now owns 19,682 shares of the company’s stock, valued at approximately $1,299,208.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total transaction of $49,507.50. Following the sale, the insider now owns 19,682 shares of the company’s stock, valued at approximately $1,299,208.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, 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 transaction of $4,570,907.50. Following 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 a total of 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 insiders.

Institutional Investors Weigh In On Etsy

Hedge funds have recently added to or reduced their stakes in the stock. ICA Group Wealth Management LLC bought a new stake in Etsy during the 4th quarter worth about $28,000. Quarry LP boosted its stake in shares of Etsy by 121.7% in the 1st quarter. Quarry LP now owns 266 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 146 shares during the last quarter. First Capital Advisors Group LLC. bought a new position in shares of Etsy in the 2nd quarter valued at about $25,000. CVA Family Office LLC bought a new position in shares of Etsy in the 4th quarter valued at about $27,000. Finally, Altshuler Shaham Ltd bought a new position in shares of Etsy in the 4th quarter valued at 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.