Etsy (NASDAQ:ETSY) Price Target Cut to $58.00 by Analysts at Bank of America

Etsy (NASDAQ:ETSY) had its price target lowered by Bank of America from $61.00 to $58.00 in a research report sent to investors on Thursday, Benzinga reports. Bank of America currently has a neutral rating on the specialty retailer’s stock.

A number of other brokerages have also weighed in on ETSY. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Etsy in a research note on Wednesday. Wells Fargo & Company cut their price objective on Etsy from $58.00 to $47.00 and set an “underweight” rating for the company in a report on Thursday, October 3rd. Oppenheimer lowered shares of Etsy from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. Stifel Nicolaus cut their price target on Etsy from $65.00 to $64.00 and set a “hold” rating for the company in a report on Thursday, August 1st. Finally, Evercore ISI upgraded shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $66.83.

Etsy Price Performance

Shares of NASDAQ ETSY traded up $0.59 during mid-day trading on Thursday, reaching $49.22. 86,707 shares of the company’s stock were exchanged, compared to its average volume of 3,707,978. The firm has a market capitalization of $5.76 billion, a price-to-earnings ratio of 22.21, a price-to-earnings-growth ratio of 4.99 and a beta of 1.97. Etsy has a 52 week low of $48.07 and a 52 week high of $89.58. The firm has a 50-day moving average price of $53.20 and a two-hundred day moving average price of $58.90.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The business had revenue of $647.80 million for the quarter, compared to the consensus estimate of $629.87 million. During the same quarter in the prior year, the business earned $0.83 EPS. Etsy’s revenue for the quarter was up 3.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Etsy will post 2.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of the company’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 directly owns 18,833 shares in the company, valued at approximately $1,125,083.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 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 transaction of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 5,619 shares of company stock worth $300,670 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of institutional investors have recently bought and sold shares of ETSY. Blue Trust Inc. lifted its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. Sunbelt Securities Inc. grew its holdings in Etsy by 3,900.0% in the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock valued at $30,000 after purchasing an additional 429 shares during the last quarter. UMB Bank n.a. grew its position in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after purchasing an additional 292 shares during the last quarter. Larson Financial Group LLC lifted its position in shares of Etsy by 1,576.5% in the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 536 shares in the last quarter. Finally, 1620 Investment Advisors Inc. acquired a new stake in shares of Etsy during the 2nd quarter worth about $42,000. 99.53% of the stock is owned by hedge funds and other 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.