Etsy (NASDAQ:ETSY) Price Target Cut to $70.00 by Analysts at The Goldman Sachs Group

Etsy (NASDAQ:ETSY) had its target price lowered by The Goldman Sachs Group from $80.00 to $70.00 in a report issued on Thursday morning, Benzinga reports. The Goldman Sachs Group currently has a neutral rating on the specialty retailer’s stock.

Other analysts have also issued reports about the company. Evercore ISI decreased their price target on Etsy from $95.00 to $90.00 and set an outperform rating on the stock in a research note on Thursday, February 22nd. UBS Group dropped their target price on Etsy from $75.00 to $72.00 and set a neutral rating on the stock in a report on Thursday, February 22nd. Barclays dropped their price objective on Etsy from $67.00 to $60.00 and set an equal weight rating on the stock in a report on Thursday. Wedbush lowered their price target on Etsy from $70.00 to $65.00 and set a neutral rating for the company in a report on Thursday. Finally, Oppenheimer reduced their price objective on Etsy from $95.00 to $80.00 and set an outperform rating for the company in a research report on Monday, April 29th. Four research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, Etsy presently has an average rating of Hold and a consensus price target of $79.96.

Etsy Trading Up 1.2 %

Etsy stock traded up $0.73 during mid-day trading on Thursday, hitting $59.97. The company’s stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The firm has a market capitalization of $7.02 billion, a PE ratio of 27.38, a price-to-earnings-growth ratio of 4.16 and a beta of 2.00. Etsy has a 1 year low of $56.60 and a 1 year high of $102.81. The stock’s fifty day moving average is $67.77 and its two-hundred day moving average is $71.52.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.49 by ($0.01). Etsy had a net margin of 10.75% and a negative return on equity of 67.27%. The company had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $646.30 million. During the same quarter last year, the business posted $0.53 earnings per share. The company’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts expect that Etsy will post 2.55 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total value of $4,570,907.50. Following the completion of the sale, the chief executive officer now directly owns 23,140 shares in the company, valued at approximately $1,677,650. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Etsy news, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the transaction, the chief executive officer now owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicholas Daniel sold 1,500 shares of Etsy 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 sale, the insider now directly owns 13,138 shares in the company, valued at approximately $943,571.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,968 shares of company stock worth $4,836,827. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its position in shares of Etsy by 27.8% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 45,100 shares of the specialty retailer’s stock valued at $2,913,000 after buying an additional 9,800 shares during the period. Xponance Inc. grew its holdings in Etsy by 8.1% in the third quarter. Xponance Inc. now owns 25,867 shares of the specialty retailer’s stock worth $1,670,000 after purchasing an additional 1,946 shares during the period. Raymond James & Associates grew its holdings in Etsy by 2.0% in the third quarter. Raymond James & Associates now owns 110,563 shares of the specialty retailer’s stock worth $7,140,000 after purchasing an additional 2,204 shares during the period. Rovin Capital UT ADV grew its holdings in Etsy by 28.6% in the third quarter. Rovin Capital UT ADV now owns 5,483 shares of the specialty retailer’s stock worth $354,000 after purchasing an additional 1,218 shares during the period. Finally, Concord Wealth Partners grew its holdings in Etsy by 9,333.3% in the third quarter. Concord Wealth Partners now owns 1,981 shares of the specialty retailer’s stock worth $128,000 after purchasing an additional 1,960 shares during the period. 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.