The Goldman Sachs Group Cuts Etsy (NASDAQ:ETSY) Price Target to $31.00

Etsy (NASDAQ:ETSY) had its price target cut by The Goldman Sachs Group from $35.00 to $31.00 in a research report sent to investors on Thursday,Benzinga reports. They currently have a sell rating on the specialty retailer’s stock.

A number of other research analysts have also recently issued reports on ETSY. Bank of America dropped their target price on shares of Etsy from $55.00 to $50.00 and set a “neutral” rating for the company in a report on Tuesday, April 8th. Wells Fargo & Company reduced their price objective on Etsy from $46.00 to $40.00 and set an “underweight” rating for the company in a report on Thursday. Morgan Stanley decreased their target price on Etsy from $40.00 to $38.00 and set an “underweight” rating on the stock in a research report on Thursday. Canaccord Genuity Group dropped their price target on Etsy from $76.00 to $72.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Finally, Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and boosted their price objective for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $50.14.

Etsy Price Performance

Etsy stock opened at $44.30 on Thursday. The stock’s 50 day moving average price is $45.88 and its 200 day moving average price is $51.10. Etsy has a 1-year low of $40.05 and a 1-year high of $66.93. The company has a market cap of $4.62 billion, a PE ratio of 18.69, a price-to-earnings-growth ratio of 2.57 and a beta of 1.78.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.04). The company had revenue of $651.18 million for the quarter, compared to analysts’ expectations of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. Etsy’s revenue for the quarter was up .8% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.48 earnings per share. On average, equities research analysts anticipate that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the business’s stock in a transaction that occurred on Tuesday, April 1st. The shares were sold at an average price of $48.23, for a total value of $1,044,951.18. Following the completion of the sale, the chief executive officer now directly owns 31,818 shares in the company, valued at approximately $1,534,582.14. The trade was a 40.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares in the company, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 50,952 shares of company stock worth $2,554,620. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Lindbrook Capital LLC lifted its position in Etsy by 55.7% during 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 in the last quarter. Larson Financial Group LLC raised its stake in shares of Etsy by 8.7% in 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 period. Allworth Financial LP lifted its holdings in shares of Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock valued at $35,000 after acquiring an additional 248 shares in the last quarter. Heron Bay Capital Management boosted its position in Etsy by 1.3% during the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after purchasing an additional 258 shares during the period. Finally, Denver PWM LLC increased its holdings in Etsy by 36.1% in the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock valued at $58,000 after purchasing an additional 289 shares in 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.