The Goldman Sachs Group Lowers Etsy (NASDAQ:ETSY) Price Target to $70.00

Etsy (NASDAQ:ETSY) had its target price cut by The Goldman Sachs Group from $80.00 to $70.00 in a report released on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. The Goldman Sachs Group’s price target points to a potential upside of 16.73% from the company’s previous close.

ETSY has been the topic of several other research reports. Piper Sandler lifted their price target on shares of Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, February 22nd. Barclays decreased their price target on Etsy from $67.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Thursday. BTIG Research reduced their price objective on shares of Etsy from $90.00 to $87.00 and set a “buy” rating on the stock in a report on Thursday, February 22nd. Loop Capital lowered shares of Etsy from a “hold” rating to a “sell” rating and lowered their target price for the stock from $70.00 to $50.00 in a research note on Thursday. Finally, UBS Group reduced their price target on shares of Etsy from $75.00 to $72.00 and set a “neutral” rating on the stock in a research note on Thursday, February 22nd. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.96.

Etsy Stock Up 1.2 %

Shares of Etsy stock traded up $0.73 on Thursday, hitting $59.97. 5,617,654 shares of the company were exchanged, compared to its average volume of 3,661,918. The company has a 50-day moving average price of $67.77 and a 200 day moving average price of $71.52. The stock has a market capitalization of $7.02 billion, a price-to-earnings 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.

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

Insider Transactions at Etsy

In other Etsy news, 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 value of $107,730.00. Following the transaction, the insider now directly owns 13,138 shares in the company, valued at approximately $943,571.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $71.82, for a total value of $107,730.00. Following the completion of the sale, the insider now owns 13,138 shares in the company, valued at $943,571.16. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,671 shares of the business’s stock in a transaction that occurred on 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 approximately $183,868.08. The disclosure for this sale can be found here. Over the last quarter, insiders sold 66,968 shares of company stock worth $4,836,827. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several institutional investors have recently made changes to their positions in ETSY. Connor Clark & Lunn Investment Management Ltd. boosted its position in Etsy by 23.0% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 309,333 shares of the specialty retailer’s stock worth $19,977,000 after purchasing an additional 57,785 shares in the last quarter. Northern Trust Corp raised its position in Etsy by 4.3% during the third quarter. Northern Trust Corp now owns 1,194,153 shares of the specialty retailer’s stock worth $77,118,000 after acquiring an additional 48,934 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Etsy in the fourth quarter valued at about $2,273,000. International Assets Investment Management LLC purchased a new position in shares of Etsy during the 4th quarter worth approximately $38,490,000. Finally, CVA Family Office LLC acquired a new position in shares of Etsy during the 4th quarter worth approximately $27,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.