The Goldman Sachs Group Cuts Etsy (NASDAQ:ETSY) Price Target to $70.00

Etsy (NASDAQ:ETSY) had its price target dropped by analysts at The Goldman Sachs Group from $80.00 to $70.00 in a report released on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. The Goldman Sachs Group’s price target would indicate a potential upside of 16.73% from the company’s current price.

A number of other brokerages have also weighed in on ETSY. Wells Fargo & Company cut their price objective on Etsy from $60.00 to $58.00 and set an “underweight” rating on the stock in a report on Thursday. Truist Financial reduced their price target on Etsy from $85.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Deutsche Bank Aktiengesellschaft cut their price target on shares of Etsy from $80.00 to $65.00 and set a “hold” rating for the company in a report on Wednesday, April 10th. Piper Sandler lifted their target price on shares of Etsy from $90.00 to $103.00 and gave the company an “overweight” rating in a research report on Thursday, February 22nd. Finally, Oppenheimer reduced their price target on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating for the company in a research report on Monday, April 29th. 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 company’s stock. Based on data from MarketBeat.com, Etsy presently has a consensus rating of “Hold” and a consensus target price of $79.96.

Etsy Stock Performance

ETSY traded up $0.73 during trading 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 stock has a 50 day simple moving average of $67.77 and a two-hundred day simple moving average of $71.52. The company has a market capitalization of $7.02 billion, a PE ratio of 27.38, a PEG ratio of 4.16 and a beta of 2.00. Etsy has a twelve month low of $56.60 and a twelve month high of $102.81.

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

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,671 shares of the company’s stock in a transaction that occurred on Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total value of $108,681.84. Following the transaction, the chief accounting officer now directly owns 2,827 shares in the company, valued at approximately $183,868.08. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CAO Merilee Buckley sold 1,671 shares of the firm’s stock in a transaction dated Wednesday, April 3rd. The stock was sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now directly owns 2,827 shares in the company, valued at approximately $183,868.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Josh Silverman sold 63,047 shares of Etsy stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. Insiders sold a total of 66,968 shares of company stock valued at $4,836,827 over the last 90 days. 2.60% of the stock is owned by company insiders.

Institutional Trading of Etsy

Several hedge funds have recently modified their holdings of the stock. CVA Family Office LLC purchased a new stake in Etsy during the 4th quarter worth about $27,000. Operose Advisors LLC purchased a new position in Etsy in the third quarter worth approximately $28,000. Sunbelt Securities Inc. grew its holdings in Etsy by 3,900.0% during the 1st quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after acquiring an additional 429 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in shares of Etsy by 402.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 447 shares of the specialty retailer’s stock valued at $36,000 after purchasing an additional 358 shares during the last quarter. Finally, Larson Financial Group LLC raised its holdings in shares of Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 536 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.