Wells Fargo & Company Raises Etsy (NASDAQ:ETSY) Price Target to $47.00

Etsy (NASDAQ:ETSY) had its price target raised by equities research analysts at Wells Fargo & Company from $44.00 to $47.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s price objective indicates a potential downside of 9.64% from the company’s current price.

Several other research analysts have also issued reports on ETSY. Bank of America cut their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. JMP Securities reissued a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. Raymond James reduced their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Truist Financial dropped their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Finally, Citigroup boosted their price objective on Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $62.33.

Etsy Trading Up 0.9 %

Etsy stock opened at $52.02 on Thursday. The firm has a 50 day simple moving average of $54.73 and a 200 day simple moving average of $53.83. Etsy has a 1-year low of $47.10 and a 1-year high of $78.65. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of 26.32, a P/E/G ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same period in the previous year, the business earned $0.62 earnings per share. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. On average, equities research analysts forecast that Etsy will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has approved a share repurchase program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Pacer Advisors Inc. grew its position in Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Norges Bank bought a new stake in shares of Etsy in the 4th quarter valued at approximately $74,235,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Etsy in the 3rd quarter worth approximately $55,530,000. Holocene Advisors LP bought a new position in shares of Etsy during the 3rd quarter valued at approximately $49,061,000. Finally, Assenagon Asset Management S.A. raised its holdings in Etsy by 132.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after buying an additional 850,520 shares during the period. 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.