Wells Fargo & Company Cuts Etsy (NASDAQ:ETSY) Price Target to $46.00

Etsy (NASDAQ:ETSY) had its price target decreased by Wells Fargo & Company from $47.00 to $46.00 in a research report released on Wednesday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft cut Etsy to a “hold” rating and dropped their price target for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Cantor Fitzgerald dropped their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, February 20th. Stifel Nicolaus reduced their price target on shares of Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a research report on Thursday, February 20th. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday, February 20th. Finally, Loop Capital reduced their target price on Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a report on Thursday, February 20th. Four investment analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus target price of $58.38.

Etsy Price Performance

ETSY stock opened at $44.42 on Wednesday. The firm has a market cap of $4.76 billion, a PE ratio of 18.74, a P/E/G ratio of 2.57 and a beta of 2.15. Etsy has a 12 month low of $43.43 and a 12 month high of $71.72. The firm has a 50 day simple moving average of $50.45 and a 200 day simple moving average of $52.44.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.62 EPS. As a group, sell-side analysts expect that Etsy will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction 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 completion of the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total value of $81,118.40. The disclosure for this sale can be found here. Insiders sold 50,952 shares of company stock valued at $2,554,620 over the last 90 days. 2.60% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in ETSY. Versant Capital Management Inc grew its stake in shares of Etsy by 1,066.3% in the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer’s stock worth $454,000 after acquiring an additional 8,797 shares during the last quarter. Kera Capital Partners Inc. acquired a new stake in Etsy in the 1st quarter worth $231,000. 111 Capital bought a new position in shares of Etsy during the 4th quarter worth about $310,000. Wealth Enhancement Advisory Services LLC raised its position in shares of Etsy by 125.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,453 shares of the specialty retailer’s stock valued at $923,000 after buying an additional 9,718 shares during the last quarter. Finally, Brooklyn FI LLC bought a new stake in shares of Etsy in the fourth quarter valued at about $5,229,000. 99.53% of the stock is 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.