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

Etsy (NASDAQ:ETSY) had its price objective cut by Wells Fargo & Company from $58.00 to $47.00 in a report published on Thursday, Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

A number of other research analysts have also weighed in on the company. Piper Sandler restated a neutral rating and set a $56.00 price objective on shares of Etsy in a research report on Friday, August 23rd. Wolfe Research assumed coverage on Etsy in a report on Tuesday, July 16th. They set a peer perform rating for the company. Cantor Fitzgerald reaffirmed a neutral rating and set a $50.00 price objective on shares of Etsy in a report on Monday, September 30th. Oppenheimer lowered shares of Etsy from an outperform rating to a market perform rating in a report on Thursday, August 1st. Finally, Evercore ISI raised shares of Etsy to a strong-buy rating in a research note on Thursday, August 1st. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $70.22.

Etsy Stock Up 3.3 %

ETSY stock opened at $52.80 on Thursday. The business’s 50-day moving average price is $55.00 and its 200-day moving average price is $60.48. The stock has a market cap of $6.17 billion, a P/E ratio of 24.11, a PEG ratio of 5.39 and a beta of 1.97. Etsy has a twelve month low of $50.54 and a twelve month high of $89.58.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The firm had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The business’s revenue for the quarter was up 3.0% on a year-over-year basis. During the same period last year, the company earned $0.83 earnings per share. On average, equities research analysts expect that Etsy will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders have sold 5,869 shares of company stock valued at $315,670 in the last 90 days. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ETSY. Yousif Capital Management LLC boosted its stake in shares of Etsy by 1.1% during the first quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock valued at $1,126,000 after purchasing an additional 172 shares in the last quarter. Exchange Capital Management Inc. lifted its holdings in Etsy by 1.6% during the first quarter. Exchange Capital Management Inc. now owns 15,364 shares of the specialty retailer’s stock worth $1,056,000 after buying an additional 240 shares during the period. Sheaff Brock Investment Advisors LLC boosted its position in Etsy by 7.0% during the 1st quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock valued at $251,000 after acquiring an additional 240 shares in the last quarter. Meridian Management Co. increased its holdings in shares of Etsy by 0.4% in the 2nd quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock valued at $3,740,000 after acquiring an additional 241 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Etsy by 25.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after acquiring an additional 253 shares in the last quarter. Hedge funds and other 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.