Etsy (NASDAQ:ETSY) Price Target Lowered to $40.00 at Piper Sandler

Etsy (NASDAQ:ETSY - Get Free Report) had its price target decreased by analysts at Piper Sandler from $52.00 to $40.00 in a research note issued on Friday,Benzinga reports. The firm currently has a "neutral" rating on the specialty retailer's stock. Piper Sandler's price target suggests a potential downside of 8.05% from the stock's previous close.

ETSY has been the topic of several other research reports. Morgan Stanley dropped their price objective on shares of Etsy from $45.00 to $44.00 and set an "underweight" rating on the stock in a report on Thursday, February 20th. Deutsche Bank Aktiengesellschaft cut Etsy to a "hold" rating and cut their price target for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Canaccord Genuity Group decreased their price objective on Etsy from $105.00 to $76.00 and set a "buy" rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald cut their target price on Etsy from $46.00 to $43.00 and set a "neutral" rating for the company in a research note on Thursday, February 20th. Finally, Bank of America reduced their target price on Etsy from $55.00 to $50.00 and set a "neutral" rating for the company in a research report on Tuesday, April 8th. Four analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $56.58.

Remove Ads

Etsy Stock Performance

Shares of Etsy stock traded down $0.15 during trading on Friday, reaching $43.50. The company's stock had a trading volume of 2,714,257 shares, compared to its average volume of 3,806,089. Etsy has a one year low of $40.05 and a one year high of $71.72. The firm has a market cap of $4.66 billion, a price-to-earnings ratio of 18.35, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. The business's fifty day moving average price is $48.55 and its 200-day moving average price is $51.77.

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

Insider Buying and Selling at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the business'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 completion of the transaction, the chief executive officer now owns 5,004 shares in the company, valued at $260,458.20. The trade was a 81.24 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total value of $81,118.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,952 shares of company stock worth $2,554,620. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Lindbrook Capital LLC lifted its holdings in Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer's stock valued at $27,000 after buying an additional 181 shares during the period. Larson Financial Group LLC raised its position in shares of Etsy by 8.7% during the 4th quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer's stock valued at $144,000 after acquiring an additional 218 shares during the last quarter. Heron Bay Capital Management lifted its stake in shares of Etsy by 1.3% in the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer's stock valued at $1,072,000 after purchasing an additional 258 shares during the period. Denver PWM LLC boosted its position in shares of Etsy by 36.1% in the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer's stock worth $58,000 after purchasing an additional 289 shares during the last quarter. Finally, True Wealth Design LLC grew its stake in shares of Etsy by 112.7% during the fourth 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. Institutional investors 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.