Citigroup Trims Etsy (NASDAQ:ETSY) Target Price to $62.00

Etsy (NASDAQ:ETSY) had its price target cut by analysts at Citigroup from $72.00 to $62.00 in a report released on Thursday, Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price target indicates a potential upside of 3.39% from the stock’s previous close.

A number of other research firms also recently issued reports on ETSY. Canaccord Genuity Group decreased their price objective on Etsy from $125.00 to $105.00 and set a “buy” rating for the company in a report on Thursday. Guggenheim cut their price objective on shares of Etsy from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday. Truist Financial reduced their target price on shares of Etsy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Oppenheimer lowered their price target on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research note on Monday, April 29th. Finally, BTIG Research reduced their price objective on shares of Etsy from $87.00 to $78.00 and set a “buy” rating for the company in a research note on Thursday. Four equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $79.96.

Etsy Stock Performance

NASDAQ:ETSY traded up $0.73 during trading hours on Thursday, hitting $59.97. The stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The business’s 50 day moving average is $67.77 and its 200-day moving average is $71.52. The company has a market cap of $7.02 billion, a price-to-earnings ratio of 27.38, a P/E/G ratio of 4.16 and a beta of 2.00. Etsy has a one year low of $56.60 and a one year high of $102.81.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, May 1st. The specialty retailer reported $0.48 earnings per share for the quarter, missing the consensus estimate of $0.49 by ($0.01). The business had revenue of $646.00 million for the quarter, compared to the consensus estimate of $646.30 million. Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business’s revenue was up .8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.53 earnings per share. On average, sell-side analysts anticipate that Etsy will post 2.55 EPS for the current fiscal year.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $71.82, for a total transaction of $107,730.00. Following the completion of the sale, the insider now directly owns 13,138 shares of the company’s stock, valued at $943,571.16. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $71.82, for a total transaction of $107,730.00. Following the completion of the sale, the insider now owns 13,138 shares in the company, valued at $943,571.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Josh Silverman sold 63,047 shares of the firm’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $72.50, for a total value of $4,570,907.50. Following the transaction, the chief executive officer now owns 23,140 shares in the company, valued at $1,677,650. The disclosure for this sale can be found here. In the last 90 days, insiders sold 66,968 shares of company stock valued at $4,836,827. 2.60% of the stock is owned by company insiders.

Institutional Trading of Etsy

Institutional investors and hedge funds have recently modified their holdings of the business. Capital International Investors increased its position in shares of Etsy by 0.6% during the 4th quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock valued at $662,605,000 after purchasing an additional 45,305 shares during the last quarter. Van ECK Associates Corp grew its position in Etsy by 9.2% during the first quarter. Van ECK Associates Corp now owns 5,042,610 shares of the specialty retailer’s stock valued at $346,528,000 after buying an additional 425,620 shares during the period. Bares Capital Management Inc. grew its position in Etsy by 0.9% during the fourth quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock valued at $330,711,000 after buying an additional 36,623 shares during the period. Artisan Partners Limited Partnership raised its position in Etsy by 2.0% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,555,432 shares of the specialty retailer’s stock worth $126,068,000 after acquiring an additional 30,561 shares during the period. Finally, TD Asset Management Inc boosted its stake in Etsy by 260.2% in the fourth quarter. TD Asset Management Inc now owns 1,319,190 shares of the specialty retailer’s stock valued at $106,920,000 after acquiring an additional 952,907 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.