Etsy (NASDAQ:ETSY) Price Target Cut to $62.00 by Analysts at Citigroup

Etsy (NASDAQ:ETSY) had its target price reduced by Citigroup from $72.00 to $62.00 in a report released on Thursday, Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

ETSY has been the subject of several other research reports. BTIG Research dropped their price target on Etsy from $87.00 to $78.00 and set a buy rating for the company in a research report on Thursday. Oppenheimer dropped their price target on Etsy from $95.00 to $80.00 and set an outperform rating for the company in a research report on Monday, April 29th. Evercore ISI lowered their price objective on Etsy from $95.00 to $90.00 and set an outperform rating for the company in a research report on Thursday, February 22nd. B. Riley lowered their price objective on Etsy from $91.00 to $83.00 and set a buy rating for the company in a research report on Thursday. Finally, Morgan Stanley lowered their price target on Etsy from $55.00 to $52.00 and set an underweight rating for the company in a research report on Thursday. Four analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of Hold and an average target price of $79.96.

Etsy Stock Performance

ETSY stock traded up $0.73 during midday trading on Thursday, hitting $59.97. 5,617,654 shares of the stock were exchanged, compared to its average volume of 3,661,918. The stock’s 50-day moving average price is $67.77 and its 200-day moving average price is $71.52. The stock has a market cap of $7.02 billion, a price-to-earnings ratio of 27.38, a PEG ratio of 4.16 and a beta of 2.00. Etsy has a fifty-two week low of $56.60 and a fifty-two week high of $102.81.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.49 by ($0.01). The firm had revenue of $646.00 million for the quarter, compared to analyst estimates of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business’s revenue for the quarter was up .8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.53 earnings per share. Research analysts anticipate that Etsy will post 2.55 EPS for the current year.

Insider Buying and Selling

In related news, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now owns 2,827 shares in the company, valued at $183,868.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total transaction of $107,730.00. Following the completion of the transaction, the insider now directly owns 13,138 shares of the company’s stock, valued at $943,571.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at $183,868.08. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,968 shares of company stock worth $4,836,827. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System grew its holdings in Etsy by 0.5% in the 4th quarter. Arizona State Retirement System now owns 33,810 shares of the specialty retailer’s stock worth $2,740,000 after buying an additional 157 shares in the last quarter. Envestnet Portfolio Solutions Inc. grew its holdings in Etsy by 3.8% in the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 4,368 shares of the specialty retailer’s stock worth $354,000 after buying an additional 161 shares in the last quarter. Truist Financial Corp grew its holdings in Etsy by 2.7% in the 4th quarter. Truist Financial Corp now owns 6,367 shares of the specialty retailer’s stock worth $516,000 after buying an additional 168 shares in the last quarter. Yousif Capital Management LLC grew its holdings in Etsy by 1.1% in the 1st quarter. Yousif Capital Management LLC now owns 16,384 shares of the specialty retailer’s stock worth $1,126,000 after buying an additional 172 shares in the last quarter. Finally, D.A. Davidson & CO. grew its holdings in Etsy by 0.9% in the 4th quarter. D.A. Davidson & CO. now owns 19,580 shares of the specialty retailer’s stock worth $1,587,000 after buying an additional 184 shares in the last quarter. 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.