Truist Financial Cuts Etsy (NASDAQ:ETSY) Price Target to $75.00

Etsy (NASDAQ:ETSY) had its price objective trimmed by Truist Financial from $85.00 to $75.00 in a research note released on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the specialty retailer’s stock.

A number of other research analysts have also issued reports on ETSY. The Goldman Sachs Group lowered shares of Etsy from a buy rating to a neutral rating and cut their price target for the company from $84.00 to $80.00 in a research note on Wednesday, January 10th. Wells Fargo & Company cut their price objective on Etsy from $60.00 to $58.00 and set an underweight rating on the stock in a report on Thursday. UBS Group decreased their target price on Etsy from $75.00 to $72.00 and set a neutral rating for the company in a report on Thursday, February 22nd. Loop Capital downgraded shares of Etsy from a hold rating to a sell rating and cut their price target for the stock from $70.00 to $50.00 in a report on Thursday. Finally, Oppenheimer dropped their price objective on shares of Etsy from $95.00 to $80.00 and set an outperform rating on the stock in a report on Monday, April 29th. Four analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $79.96.

Etsy Price Performance

Shares of ETSY stock opened at $59.97 on Thursday. The stock’s fifty day moving average price is $67.77 and its 200 day moving average price is $71.55. Etsy has a 1-year low of $56.60 and a 1-year high of $102.81. The company has a market cap of $7.01 billion, a price-to-earnings ratio of 27.38, a price-to-earnings-growth ratio of 4.73 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. 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 prior year, the business posted $0.53 EPS. Etsy’s revenue was up .8% compared to the same quarter last year. As a group, equities research analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the sale, the chief accounting officer now owns 2,827 shares of the company’s stock, valued at $183,868.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction on Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the sale, the chief accounting officer now directly owns 2,827 shares in the company, valued at $183,868.08. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of the business’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock worth $4,836,827 in the last three months. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. CVA Family Office LLC purchased a new position in shares of Etsy in the 4th quarter valued at about $27,000. Operose Advisors LLC purchased a new stake in shares of Etsy during the 3rd quarter worth approximately $28,000. Sunbelt Securities Inc. grew its position 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 buying an additional 429 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in Etsy by 402.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock worth $36,000 after acquiring an additional 358 shares in the last quarter. Finally, Larson Financial Group LLC lifted its position in Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 536 shares during the last quarter. Institutional investors and hedge funds 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.