Bank of America Lowers Etsy (NYSE:ETSY) Price Target to $72.00

Etsy (NYSE:ETSY) had its price objective dropped by analysts at Bank of America from $77.00 to $72.00 in a note issued to investors on Wednesday,MarketScreener reports. Bank of America‘s price objective would suggest a potential upside of 24.34% from the stock’s current price.

Several other equities research analysts have also recently issued reports on ETSY. Evercore set a $72.00 price objective on Etsy in a research note on Wednesday, April 29th. JPMorgan Chase & Co. boosted their price objective on Etsy from $58.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. BTIG Research upped their price objective on Etsy from $65.00 to $78.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Arete Research set a $76.00 price target on shares of Etsy and gave the stock a “buy” rating in a research note on Wednesday. Finally, Guggenheim upped their price target on shares of Etsy from $75.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, eighteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Etsy has a consensus rating of “Hold” and an average price target of $70.91.

Etsy Stock Up 0.5%

Etsy stock traded up $0.30 during mid-day trading on Wednesday, reaching $57.91. 284,061 shares of the stock traded hands, compared to its average volume of 3,427,990. Etsy has a 12-month low of $44.00 and a 12-month high of $76.51. The firm has a market capitalization of $5.49 billion, a PE ratio of 24.14, a PEG ratio of 5.24 and a beta of 1.89. The firm’s 50-day simple moving average is $56.76.

Etsy (NYSE:ETSY) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. The firm had revenue of $881.64 million for the quarter. Etsy had a negative return on equity of 28.60% and a net margin of 9.94%. Equities research analysts expect that Etsy will post 3.74 EPS for the current fiscal year.

Insider Activity

In other news, CFO Charles Baker sold 2,030 shares of the company’s stock in a transaction dated Tuesday, May 5th. The shares were sold at an average price of $63.50, for a total transaction of $128,905.00. Following the transaction, the chief financial officer owned 6,913 shares in the company, valued at $438,975.50. This represents a 22.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CAO Merilee Buckley sold 1,993 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The stock was sold at an average price of $52.92, for a total transaction of $105,469.56. Following the sale, the chief accounting officer directly owned 809 shares in the company, valued at approximately $42,812.28. This represents a 71.13% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 278,569 shares of company stock valued at $17,728,487 in the last ninety days. 2.50% of the stock is currently owned by insiders.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently bought and sold shares of ETSY. Lone Pine Capital LLC purchased a new position in shares of Etsy during the 3rd quarter valued at approximately $257,614,000. SG Americas Securities LLC boosted its stake in shares of Etsy by 717.7% during the 1st quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after acquiring an additional 1,314,071 shares in the last quarter. AQR Capital Management LLC grew its position in shares of Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after acquiring an additional 1,177,301 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in Etsy by 51.4% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after purchasing an additional 1,112,520 shares during the period. Finally, Allianz Asset Management GmbH lifted its position in shares of Etsy by 1,648.1% during the 3rd quarter. Allianz Asset Management GmbH now owns 706,679 shares of the company’s stock valued at $46,916,000 after buying an additional 666,253 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Company Profile

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.