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

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

Other analysts also recently issued research reports about the stock. Wells Fargo & Company reduced their price target on shares of Etsy from $62.00 to $60.00 and set an underweight rating for the company in a research report on Thursday, April 4th. Truist Financial decreased their target price on shares of Etsy from $87.00 to $85.00 and set a buy rating for the company in a research note on Thursday, February 22nd. Wedbush lowered their price target on Etsy from $80.00 to $70.00 and set a neutral rating on the stock in a report on Wednesday, April 24th. Barclays upped their price objective on Etsy from $63.00 to $67.00 and gave the company an equal weight rating in a research note on Thursday, February 22nd. Finally, Piper Sandler lifted 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. Four equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Hold and an average target price of $79.96.

Etsy Stock Performance

Shares of ETSY stock opened at $59.97 on Thursday. The stock’s 50-day moving average is $67.77 and its two-hundred day moving average is $71.55. Etsy has a 1 year low of $56.60 and a 1 year high of $102.81. The firm has a market cap of $7.02 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 4.22 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $646.30 million. During the same period last year, the company earned $0.53 earnings per share. The firm’s revenue for the quarter was up .8% compared to the same quarter last year. As a group, research analysts predict that Etsy will post 2.57 EPS for the current year.

Insider Buying and Selling

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 13,138 shares in the company, valued at $943,571.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of Etsy 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 sale, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders have sold 66,968 shares of company stock worth $4,836,827 in the last three months. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Hedge funds have recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its position in Etsy by 27.8% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock worth $2,913,000 after acquiring an additional 9,800 shares during the last quarter. Xponance Inc. grew its position in shares of Etsy by 8.1% in the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock valued at $1,670,000 after purchasing an additional 1,946 shares during the period. Raymond James & Associates increased its stake in Etsy by 2.0% in the third quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock valued at $7,140,000 after purchasing an additional 2,204 shares during the last quarter. Rovin Capital UT ADV lifted its position in Etsy by 28.6% during the third quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock worth $354,000 after buying an additional 1,218 shares during the period. Finally, Concord Wealth Partners boosted its stake in Etsy by 9,333.3% in the 3rd quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after buying an additional 1,960 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.