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

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

Several other equities research analysts have also recently issued reports on ETSY. Piper Sandler boosted their price target on Etsy from $90.00 to $103.00 and gave the company an overweight rating in a research note on Thursday, February 22nd. Wells Fargo & Company cut their price target on Etsy from $62.00 to $60.00 and set an underweight rating for the company in a research note on Thursday, April 4th. Evercore ISI cut their price target on Etsy from $95.00 to $90.00 and set an outperform rating for the company 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 for the company in a research note on Thursday, February 22nd. Finally, BTIG Research lowered their price objective on shares of Etsy from $90.00 to $87.00 and set a buy rating for the company in a research report on Thursday, February 22nd. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of Hold and an average target price of $84.46.

Etsy Stock Up 0.3 %

Shares of NASDAQ:ETSY opened at $67.43 on Wednesday. Etsy has a 12-month low of $58.20 and a 12-month high of $102.81. The stock has a market cap of $7.89 billion, a PE ratio of 30.10, a P/E/G ratio of 4.68 and a beta of 2.01. The business has a 50 day moving average of $68.90 and a 200-day moving average of $71.47.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.78. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. The company had revenue of $842.32 million during the quarter, compared to analysts’ expectations of $827.40 million. Equities research analysts expect that Etsy will post 2.58 earnings per share for the current year.

Insider Buying and Selling at Etsy

In other Etsy news, CEO Josh Silverman sold 63,047 shares of the company’s stock in a transaction 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 sale, the chief executive officer now 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 this hyperlink. In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $71.82, for a total transaction of $107,730.00. Following the transaction, the insider now owns 13,138 shares of the company’s stock, valued at approximately $943,571.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 transaction, 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. Over the last quarter, insiders have sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently made changes to their positions in ETSY. AE Wealth Management LLC raised its holdings in shares of Etsy by 7.9% in the 3rd quarter. AE Wealth Management LLC now owns 13,680 shares of the specialty retailer’s stock worth $883,000 after acquiring an additional 998 shares during the last quarter. Exchange Traded Concepts LLC raised its holdings in shares of Etsy by 107.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 17,739 shares of the specialty retailer’s stock worth $1,146,000 after acquiring an additional 9,186 shares during the last quarter. Counterpoint Mutual Funds LLC acquired a new stake in shares of Etsy in the 3rd quarter worth about $134,000. Czech National Bank raised its holdings in shares of Etsy by 47.2% in the 3rd quarter. Czech National Bank now owns 21,500 shares of the specialty retailer’s stock worth $1,388,000 after acquiring an additional 6,897 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its stake in Etsy by 46.5% in the 3rd quarter. Handelsbanken Fonder AB now owns 289,724 shares of the specialty retailer’s stock valued at $18,710,000 after buying an additional 91,954 shares during the last quarter. Institutional investors and hedge funds 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.