Bank of America Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY - Get Free Report) had its price target lowered by research analysts at Bank of America from $55.00 to $50.00 in a research note issued on Tuesday,Benzinga reports. The firm currently has a "neutral" rating on the specialty retailer's stock. Bank of America's target price points to a potential upside of 14.68% from the stock's previous close.

Several other brokerages have also weighed in on ETSY. Morgan Stanley decreased their price objective on Etsy from $45.00 to $44.00 and set an "underweight" rating on the stock in a report on Thursday, February 20th. Wells Fargo & Company lowered their price target on shares of Etsy from $47.00 to $46.00 and set an "underweight" rating on the stock in a report on Wednesday, April 2nd. Deutsche Bank Aktiengesellschaft cut shares of Etsy to a "hold" rating and dropped their price objective for the company from $45.00 to $43.00 in a research note on Wednesday, February 12th. Citigroup lowered their target price on shares of Etsy from $56.00 to $53.00 and set a "neutral" rating on the stock in a research note on Thursday, February 20th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Etsy in a research note on Wednesday, March 19th. They set a "neutral" rating and a $50.00 price target for the company. Four investment analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $56.71.

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Etsy Price Performance

Shares of Etsy stock traded up $0.02 during midday trading on Tuesday, hitting $43.60. The company had a trading volume of 3,353,881 shares, compared to its average volume of 3,807,877. Etsy has a 1-year low of $40.05 and a 1-year high of $71.72. The business's 50 day simple moving average is $48.78 and its two-hundred day simple moving average is $51.89. The stock has a market cap of $4.67 billion, a PE ratio of 18.40, a P/E/G ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings data 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 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. During the same quarter in the previous year, the firm posted $0.62 EPS. The business's revenue was up 1.2% compared to the same quarter last year. On average, sell-side analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity

In other news, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $48.40, for a total transaction of $81,118.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $48.23, for a total transaction of $1,044,951.18. Following the transaction, the chief executive officer now directly owns 31,818 shares in the company, valued at $1,534,582.14. The trade was a 40.51 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,952 shares of company stock valued at $2,554,620. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Lindbrook Capital LLC increased its stake in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 181 shares in the last quarter. True Wealth Design LLC boosted its stake in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after purchasing an additional 292 shares during the period. Hurley Capital LLC acquired a new stake in Etsy in the 4th quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Etsy during the 4th quarter worth approximately $34,000. Finally, Summit Securities Group LLC bought a new stake in Etsy during the 4th quarter worth about $37,000. 99.53% of the stock is 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.