Etsy (NASDAQ:ETSY) Price Target Cut to $58.00 by Analysts at UBS Group

by · The Cerbat Gem

Etsy (NASDAQ:ETSY – Free Report) had its price target cut by UBS Group from $65.00 to $58.00 in a research note released on Tuesday, Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

Other equities analysts also recently issued research reports about the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. Wedbush reaffirmed a “neutral” rating and issued a $65.00 target price on shares of Etsy in a research report on Monday, July 22nd. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and lowered their price target for the company from $70.00 to $45.00 in a research report on Tuesday. Piper Sandler restated a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a report on Friday, August 23rd. Finally, Wells Fargo & Company reduced their price objective on Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Four investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and an average price target of $69.36.

Get Our Latest Stock Report on ETSY

Etsy Stock Up 1.6 %

ETSY stock opened at $51.56 on Tuesday. The stock has a market capitalization of $6.03 billion, a price-to-earnings ratio of 23.54, a price-to-earnings-growth ratio of 4.99 and a beta of 1.97. The stock’s fifty day simple moving average is $53.46 and its 200-day simple moving average is $59.33. Etsy has a 52-week low of $48.07 and a 52-week high of $89.58.

Etsy (NASDAQ:ETSY – Get Free Report) last posted 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 business had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. During the same quarter last year, the firm earned $0.83 EPS. The firm’s quarterly revenue was up 3.0% compared to the same quarter last year. As a group, analysts anticipate that Etsy will post 2.38 earnings per share for the current fiscal year.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total value of $44,805.00. Following the completion of the sale, the insider now owns 18,833 shares in the company, valued at approximately $1,125,083.42. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Thursday, August 1st. The stock was 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 in the company, valued at $1,125,083.42. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred 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. Over the last 90 days, insiders sold 5,619 shares of company stock valued at $300,670. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Marshall Wace LLP raised its stake in Etsy by 304.2% during the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares during the period. Renaissance Technologies LLC raised its position in shares of Etsy by 21.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the period. Van ECK Associates Corp raised its position in shares of Etsy by 14.3% during the 2nd quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after purchasing an additional 721,454 shares during the period. Pacer Advisors Inc. boosted its position in Etsy by 52.3% during the 2nd quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock valued at $123,875,000 after purchasing an additional 721,453 shares during the period. Finally, AQR Capital Management LLC boosted its position in Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock valued at $69,685,000 after purchasing an additional 517,480 shares during the period. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

(Get Free Report)

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.

Further Reading