Truist Financial Issues Positive Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target hoisted by Truist Financial from $55.00 to $60.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a buy rating on the specialty retailer’s stock.

Other analysts have also issued research reports about the stock. The Goldman Sachs Group reduced their target price on shares of Etsy from $35.00 to $31.00 and set a “sell” rating for the company in a research note on Thursday, May 1st. Cantor Fitzgerald boosted their price target on shares of Etsy from $42.00 to $47.00 and gave the stock a “neutral” rating in a report on Thursday, May 1st. Wells Fargo & Company decreased their price objective on shares of Etsy from $46.00 to $40.00 and set an “underweight” rating for the company in a research note on Thursday, May 1st. UBS Group dropped their target price on shares of Etsy from $46.00 to $45.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Finally, Morgan Stanley reduced their target price on Etsy from $40.00 to $38.00 and set an “underweight” rating for the company in a report on Thursday, May 1st. Six analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $49.87.

Etsy Stock Performance

ETSY stock opened at $54.53 on Tuesday. The business has a 50-day simple moving average of $49.51 and a two-hundred day simple moving average of $51.24. The company has a market capitalization of $5.69 billion, a P/E ratio of 38.95, a price-to-earnings-growth ratio of 2.97 and a beta of 1.80. Etsy has a 52-week low of $40.05 and a 52-week high of $66.81.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.50 by ($0.04). Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The company had revenue of $651.18 million for the quarter, compared to analysts’ expectations of $642.22 million. During the same period in the previous year, the firm earned $0.48 EPS. The firm’s quarterly revenue was up .8% on a year-over-year basis. As a group, sell-side analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $58.77, for a total value of $88,155.00. Following the completion of the transaction, the insider now directly owns 31,822 shares in the company, valued at approximately $1,870,178.94. The trade was a 4.50% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Toni Thompson Nadal sold 1,444 shares of the stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $48.30, for a total value of $69,745.20. Following the sale, the insider now directly owns 592 shares in the company, valued at $28,593.60. This trade represents a 70.92% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 205,418 shares of company stock worth $11,234,192. Company insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Versant Capital Management Inc boosted its position in shares of Etsy by 1,066.3% in the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer’s stock valued at $454,000 after acquiring an additional 8,797 shares during the period. DJE Kapital AG bought a new position in Etsy in the 4th quarter valued at $983,000. Charles Schwab Investment Management Inc. grew its position in shares of Etsy by 12.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer’s stock valued at $59,820,000 after purchasing an additional 122,126 shares in the last quarter. Brooklyn FI LLC purchased a new position in shares of Etsy during the 4th quarter valued at $5,229,000. Finally, JBGlobal.com LLC raised its position in shares of Etsy by 68.2% in the first quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer’s stock worth $606,000 after buying an additional 5,206 shares in the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.