Truist Financial Lowers Etsy (NASDAQ:ETSY) Price Target to $75.00

Etsy (NASDAQ:ETSY) had its target price dropped by stock analysts at Truist Financial from $85.00 to $75.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the specialty retailer’s stock. Truist Financial’s target price would suggest a potential upside of 25.06% from the company’s current price.

Several other brokerages have also commented on ETSY. Oppenheimer lowered their price objective on shares of Etsy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Monday, April 29th. The Goldman Sachs Group downgraded Etsy from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $84.00 to $80.00 in a research note on Wednesday, January 10th. Wedbush decreased their target price on Etsy from $80.00 to $70.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft dropped their price target on Etsy from $80.00 to $65.00 and set a “hold” rating on the stock in a research report on Wednesday, April 10th. Finally, Needham & Company LLC decreased their price objective on Etsy from $95.00 to $75.00 and set a “buy” rating for the company in a report on Thursday. Four 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. According to MarketBeat.com, Etsy has a consensus rating of “Hold” and an average price target of $79.96.

Etsy Price Performance

Shares of NASDAQ ETSY traded up $0.73 during midday trading on Thursday, reaching $59.97. The company’s stock had a trading volume of 5,617,654 shares, compared to its average volume of 3,661,918. The stock has a market capitalization of $7.02 billion, a P/E ratio of 27.38, a PEG ratio of 4.16 and a beta of 2.00. The firm has a 50 day moving average price of $67.77 and a 200-day moving average price of $71.52. Etsy has a 12-month low of $56.60 and a 12-month high of $102.81.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data 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). Etsy had a negative return on equity of 67.27% and a net margin of 10.75%. The business had revenue of $646.00 million during the quarter, compared to analysts’ expectations of $646.30 million. During the same period in the prior year, the firm posted $0.53 EPS. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities analysts predict that Etsy will post 2.55 EPS for the current year.

Insider Transactions at Etsy

In related news, CEO Josh Silverman sold 63,047 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 23,140 shares in the company, valued at $1,677,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $66.01, for a total transaction of $49,507.50. Following the completion of the sale, the insider now directly owns 19,682 shares in the company, valued at $1,299,208.82. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Josh Silverman sold 63,047 shares of the business’s 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 sale, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at approximately $1,677,650. The disclosure for this sale can be found here. Insiders have sold 66,968 shares of company stock valued at $4,836,827 in the last quarter. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Large investors have recently bought and sold shares of the stock. Geneva Capital Management LLC grew its holdings in Etsy by 2.8% in the 1st quarter. Geneva Capital Management LLC now owns 69,965 shares of the specialty retailer’s stock worth $4,808,000 after acquiring an additional 1,934 shares during the last quarter. DAVENPORT & Co LLC boosted its holdings in shares of Etsy by 120.7% during the first quarter. DAVENPORT & Co LLC now owns 789,917 shares of the specialty retailer’s stock worth $54,021,000 after purchasing an additional 431,993 shares during the period. Larson Financial Group LLC grew its stake in shares of 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. Rehmann Capital Advisory Group increased its holdings in Etsy by 30.3% during the 1st quarter. Rehmann Capital Advisory Group now owns 5,005 shares of the specialty retailer’s stock valued at $344,000 after purchasing an additional 1,165 shares during the period. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in Etsy by 79.3% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,059 shares of the specialty retailer’s stock valued at $485,000 after purchasing an additional 3,122 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.