Etsy (NASDAQ:ETSY) Price Target Raised to $47.00 at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its target price raised by Wells Fargo & Company from $44.00 to $47.00 in a research report sent to investors on Thursday,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the specialty retailer’s stock.

A number of other research analysts have also recently weighed in on the stock. Barclays cut their price objective on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Moffett Nathanson lifted their price objective on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a report on Monday, December 16th. Bank of America cut their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Finally, Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and lifted their price objective for the company from $45.00 to $55.00 in a report on Monday, January 13th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $60.08.

Etsy Price Performance

Shares of Etsy stock opened at $51.40 on Thursday. The firm has a fifty day moving average price of $54.58 and a 200 day moving average price of $53.81. Etsy has a 1 year low of $47.10 and a 1 year high of $78.65. The stock has a market cap of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter last year, the company posted $0.62 earnings per share. The firm’s revenue was up 1.2% compared to the same quarter last year. As a group, equities analysts expect that Etsy will post 2.25 EPS for the current year.

Etsy declared that its board has authorized a share repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in 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. Lindbrook Capital LLC boosted its holdings in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. True Wealth Design LLC boosted its holdings in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC acquired a new position in Etsy in the 4th quarter valued at about $32,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in Etsy in the 4th quarter valued at about $34,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.