Wells Fargo & Company Cuts Etsy (NASDAQ:ETSY) Price Target to $44.00

Etsy (NASDAQ:ETSY) had its target price decreased by stock analysts at Wells Fargo & Company from $47.00 to $44.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s price target suggests a potential downside of 16.48% from the stock’s previous close.

Several other research firms also recently weighed in on ETSY. Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Etsy in a research report on Thursday. Bank of America lowered their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Barclays decreased their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday. Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Finally, Stifel Nicolaus lowered their price target on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research report on Monday. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $64.87.

Etsy Price Performance

NASDAQ:ETSY traded up $1.24 on Friday, reaching $52.68. The stock had a trading volume of 3,052,238 shares, compared to its average volume of 3,759,029. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 26.81, a P/E/G ratio of 5.39 and a beta of 1.97. Etsy has a 12-month low of $47.10 and a 12-month high of $89.58. The firm’s fifty day moving average is $52.70 and its two-hundred day moving average is $58.30.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 47.52%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.64 EPS. As a group, research analysts forecast that Etsy will post 2.37 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Activity

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 4,619 shares of company stock worth $240,825. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares during the last quarter. UMB Bank n.a. increased its stake in Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares during the last quarter. Larson Financial Group LLC lifted its position in Etsy by 1,576.5% during the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after buying an additional 536 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in shares of Etsy in the 2nd quarter valued at about $42,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Etsy in the third quarter valued at about $43,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.