Citigroup Lowers Etsy (NASDAQ:ETSY) Price Target to $48.00

Etsy (NASDAQ:ETSY - Free Report) had its price objective cut by Citigroup from $53.00 to $48.00 in a report issued on Friday morning,Benzinga reports. They currently have a neutral rating on the specialty retailer's stock.

A number of other brokerages also recently issued reports on ETSY. Morgan Stanley cut their price target on shares of Etsy from $44.00 to $40.00 and set an "underweight" rating for the company in a report on Thursday, April 17th. Cantor Fitzgerald dropped their target price on shares of Etsy from $46.00 to $43.00 and set a "neutral" rating for the company in a report on Thursday, February 20th. Stifel Nicolaus decreased their price target on Etsy from $51.00 to $45.00 and set a "hold" rating on the stock in a research note on Wednesday, April 23rd. Needham & Company LLC reaffirmed a "buy" rating and issued a $60.00 price objective on shares of Etsy in a research note on Thursday, February 20th. Finally, Wells Fargo & Company decreased their target price on Etsy from $47.00 to $46.00 and set an "underweight" rating on the stock in a research report on Wednesday, April 2nd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Etsy presently has an average rating of "Hold" and a consensus price target of $55.38.

Etsy Stock Performance

ETSY traded up $0.25 during trading on Friday, reaching $46.13. The company's stock had a trading volume of 5,770,986 shares, compared to its average volume of 3,872,592. The company's fifty day moving average price is $46.53 and its 200-day moving average price is $51.29. Etsy has a 52-week low of $40.05 and a 52-week high of $71.72. The company has a market capitalization of $4.86 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.95 by $0.08. The firm had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company's revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period in the previous year, the business earned $0.62 earnings per share. Equities analysts predict that Etsy will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Josh Silverman sold 21,666 shares of the firm's stock in a transaction that occurred on Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the sale, the chief executive officer now directly owns 5,004 shares of the company's stock, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the business's stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total transaction of $81,118.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,952 shares of company stock valued at $2,554,620. Insiders own 2.60% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. DJE Kapital AG purchased a new position in shares of Etsy in the 4th quarter worth about $983,000. Charles Schwab Investment Management Inc. lifted its holdings in shares of Etsy by 12.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer's stock valued at $59,820,000 after acquiring an additional 122,126 shares in the last quarter. Principal Financial Group Inc. boosted its position in Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer's stock worth $30,125,000 after purchasing an additional 411,165 shares during the period. Los Angeles Capital Management LLC acquired a new stake in Etsy in the 4th quarter valued at $492,000. Finally, Natixis Advisors LLC acquired a new position in shares of Etsy during the fourth quarter worth about $606,000. 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.