Etsy (NASDAQ:ETSY) Price Target Cut to $53.00 by Analysts at Barclays

Etsy (NASDAQ:ETSY) had its price target lowered by Barclays from $55.00 to $53.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the specialty retailer’s stock. Barclays‘s price objective points to a potential upside of 24.68% from the stock’s previous close.

ETSY has been the subject of a number of other research reports. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $45.00 to $55.00 in a report on Monday, January 13th. Truist Financial decreased their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Canaccord Genuity Group dropped their price target on Etsy from $76.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday. Citigroup reduced their price objective on shares of Etsy from $53.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday, April 25th. Finally, The Goldman Sachs Group dropped their price objective on shares of Etsy from $45.00 to $35.00 and set a “sell” rating on the stock in a research report on Tuesday, April 22nd. Four investment analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.54.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $42.51 on Wednesday. The stock has a 50 day moving average price of $46.05 and a 200 day moving average price of $51.15. The stock has a market capitalization of $4.47 billion, a PE ratio of 17.94, a price-to-earnings-growth ratio of 2.57 and a beta of 2.15. Etsy has a 52 week low of $40.05 and a 52 week high of $66.93.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). The firm had revenue of $651.18 million for the quarter, compared to analyst estimates of $642.22 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. Etsy’s quarterly revenue 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. As a group, research analysts forecast that Etsy will post 2.57 EPS for the current year.

Insider Activity

In related news, CEO Josh Silverman sold 21,666 shares of the company’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 transaction of $1,127,715.30. Following the completion of the transaction, the chief executive officer now directly owns 5,004 shares in the company, valued at $260,458.20. This represents a 81.24 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 50,952 shares of company stock worth $2,554,620. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Lindbrook Capital LLC increased its holdings in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 181 shares in the last quarter. Larson Financial Group LLC raised its holdings in 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 buying an additional 218 shares during the last quarter. Allworth Financial LP boosted its position in Etsy by 47.6% during the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after buying an additional 248 shares during the period. Heron Bay Capital Management grew its holdings 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 acquiring an additional 258 shares during the last quarter. Finally, Denver PWM LLC increased its position 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 acquiring an additional 289 shares during the period. 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.