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

Etsy (NASDAQ:ETSY - Get Free Report) had its price target decreased by analysts at Wells Fargo & Company from $47.00 to $44.00 in a research report issued on Friday, Benzinga reports. The firm currently has an "underweight" rating on the specialty retailer's stock. Wells Fargo & Company's price target suggests a potential downside of 16.62% from the stock's previous close.

Several other equities research analysts have also issued reports on ETSY. Truist Financial dropped their target price on shares of Etsy from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday. Citigroup cut their target price on shares of Etsy from $65.00 to $54.00 and set a "neutral" rating for the company in a research report on Thursday. Oppenheimer downgraded shares of Etsy from an "outperform" rating to a "market perform" rating in a research note on Thursday, August 1st. 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 research note on Thursday. Finally, Piper Sandler reissued a "neutral" rating and issued a $56.00 price target on shares of Etsy in a research note on Friday, August 23rd. Four research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $64.87.

Etsy Trading Up 2.6 %

Shares of ETSY stock traded up $1.33 during trading hours on Friday, reaching $52.77. The stock had a trading volume of 5,216,869 shares, compared to its average volume of 3,769,234. The stock's fifty day simple moving average is $52.60 and its 200 day simple moving average is $58.15. The firm has a market capitalization of $6.06 billion, a PE ratio of 26.92, a PEG 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.

Etsy (NASDAQ:ETSY - Get Free Report) last announced 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). Etsy had a net margin of 9.17% and a negative return on equity of 47.52%. The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. During the same period in the previous year, the business earned $0.64 earnings per share. The firm's revenue for the quarter was up 4.1% on a year-over-year basis. As a group, equities research analysts anticipate that Etsy will post 2.37 EPS for the current fiscal year.

Etsy announced that its Board of Directors has approved a share buyback plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Activity at Etsy

In other news, insider Toni Thompson Nadal sold 1,443 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 $73,751.73. Following the sale, the insider now directly owns 592 shares of the company's stock, valued at approximately $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Nicholas Daniel sold 750 shares of the company's stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total transaction of $39,862.50. Following the transaction, the insider now directly owns 25,121 shares of the company's stock, valued at $1,335,181.15. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the company's stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares in the company, valued at $30,257.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 4,619 shares of company stock valued at $240,825 in the last 90 days. Corporate insiders own 2.60% of the company's stock.

Institutional Investors Weigh In On Etsy

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

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.