Etsy (NASDAQ:ETSY) Price Target Cut to $58.00

Etsy (NASDAQ:ETSY) had its price objective reduced by UBS Group from $65.00 to $58.00 in a research note released on Tuesday morning, Benzinga reports. UBS Group currently has a neutral rating on the specialty retailer’s stock.

Several other equities analysts have also issued reports on the stock. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Evercore ISI raised Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Stifel Nicolaus decreased their price target on Etsy from $65.00 to $64.00 and set a “hold” rating for the company in a research note on Thursday, August 1st. Oppenheimer lowered Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Finally, Wolfe Research initiated coverage on shares of Etsy in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $69.36.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $50.75 on Tuesday. Etsy has a 1-year low of $48.07 and a 1-year high of $89.58. The business has a fifty day moving average price of $53.53 and a 200 day moving average price of $59.43. The stock has a market capitalization of $5.93 billion, a P/E ratio of 23.17, a price-to-earnings-growth ratio of 4.99 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The firm had revenue of $647.80 million for the quarter, compared to analysts’ expectations of $629.87 million. During the same period in the previous year, the company posted $0.83 earnings per share. The business’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, equities research analysts anticipate that Etsy will post 2.38 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total transaction of $44,805.00. Following the sale, the insider now owns 18,833 shares of the company’s stock, valued at $1,125,083.42. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the company’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 $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $59.74, for a total value of $44,805.00. Following the sale, the insider now owns 18,833 shares in the company, valued at $1,125,083.42. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,619 shares of company stock valued at $300,670. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

Large investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its position in shares of Etsy by 0.7% in the first quarter. Vanguard Group Inc. now owns 13,528,736 shares of the specialty retailer’s stock valued at $929,695,000 after buying an additional 91,900 shares in the last quarter. Van ECK Associates Corp grew its stake in Etsy by 14.3% in the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after acquiring an additional 721,454 shares during the period. Renaissance Technologies LLC increased its holdings in Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after acquiring an additional 734,200 shares in the last quarter. Pacer Advisors Inc. raised its position in Etsy by 52.3% during the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after acquiring an additional 721,453 shares during the period. Finally, TD Asset Management Inc lifted its holdings in Etsy by 16.8% during the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after purchasing an additional 221,275 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Etsy

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.