BTIG Research Cuts Etsy (NASDAQ:ETSY) Price Target to $78.00

Etsy (NASDAQ:ETSY) had its target price lowered by BTIG Research from $87.00 to $78.00 in a report issued on Thursday morning, Benzinga reports. BTIG Research currently has a buy rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other research reports. Morgan Stanley reiterated an underweight rating and issued a $55.00 price target (down previously from $65.00) on shares of Etsy in a research note on Thursday, April 18th. Wells Fargo & Company dropped their price target on Etsy from $60.00 to $58.00 and set an underweight rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft decreased their price objective on Etsy from $80.00 to $65.00 and set a hold rating on the stock in a report on Wednesday, April 10th. Wedbush dropped their target price on Etsy from $70.00 to $65.00 and set a neutral rating for the company in a report on Thursday. Finally, UBS Group decreased their price target on shares of Etsy from $75.00 to $72.00 and set a neutral rating on the stock in a research note on Thursday, February 22nd. Four investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $79.96.

Etsy Stock Up 1.2 %

Shares of ETSY stock traded up $0.73 on Thursday, reaching $59.97. The stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. Etsy has a 12 month low of $56.60 and a 12 month high of $102.81. The firm has a market capitalization of $7.02 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 4.22 and a beta of 2.00. The firm’s 50-day moving average is $67.77 and its two-hundred day moving average is $71.53.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data 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 business had revenue of $646.00 million during the quarter, compared to analyst estimates of $646.30 million. During the same period in the previous year, the business earned $0.53 earnings per share. The business’s quarterly revenue was up .8% on a year-over-year basis. On average, sell-side analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In other news, 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 transaction of $4,570,907.50. Following the sale, the chief executive officer now directly 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 the SEC website. In other news, CEO Josh Silverman sold 63,047 shares of the firm’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 completion of the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at $1,677,650. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $66.01, for a total transaction of $49,507.50. Following the completion of the sale, the insider now directly owns 19,682 shares in the company, valued at approximately $1,299,208.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,968 shares of company stock worth $4,836,827. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently made changes to their positions in the stock. CVA Family Office LLC acquired a new stake in shares of Etsy during the fourth quarter worth $27,000. Operose Advisors LLC acquired a new stake in Etsy during the 3rd quarter worth about $28,000. Sunbelt Securities Inc. lifted its stake in shares of Etsy by 3,900.0% in the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 429 shares during the period. EverSource Wealth Advisors LLC boosted its position in shares of Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after purchasing an additional 358 shares in the last quarter. Finally, Tompkins Financial Corp acquired a new stake in Etsy during the fourth quarter worth approximately $41,000. 99.53% of the stock is currently owned by institutional investors.

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.