Wells Fargo & Company Cuts Etsy (NASDAQ:ETSY) Price Target to $46.00

Etsy (NASDAQ:ETSY) had its target price reduced by Wells Fargo & Company from $47.00 to $46.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

Other research analysts have also recently issued research reports about the stock. Morgan Stanley cut their target price on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday, February 20th. UBS Group cut their price target on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. JPMorgan Chase & Co. began coverage on shares of Etsy in a report on Wednesday, March 19th. They issued a “neutral” rating and a $50.00 price target for the company. Cantor Fitzgerald cut their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research report on Thursday, February 20th. Finally, Jefferies Financial Group upgraded shares of 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 research report on Monday, January 13th. Four research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $58.38.

Etsy Stock Performance

Shares of ETSY stock opened at $44.42 on Wednesday. The firm has a fifty day moving average of $50.45 and a 200-day moving average of $52.44. The stock has a market cap of $4.76 billion, a price-to-earnings ratio of 18.74, a P/E/G ratio of 2.57 and a beta of 2.15. Etsy has a 52-week low of $43.43 and a 52-week high of $71.72.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating the consensus estimate of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company’s revenue was up 1.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS. On average, sell-side analysts predict that Etsy will post 2.57 earnings per share for the current year.

Insider Buying and Selling at Etsy

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

Institutional Trading of Etsy

Hedge funds have recently added to or reduced their stakes in the company. DJE Kapital AG bought a new position in Etsy during the 4th quarter worth $983,000. Charles Schwab Investment Management Inc. increased its position in Etsy by 12.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,131,020 shares of the specialty retailer’s stock worth $59,820,000 after acquiring an additional 122,126 shares during the period. Principal Financial Group Inc. raised its stake in Etsy by 313.1% in the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after purchasing an additional 411,165 shares in the last quarter. Los Angeles Capital Management LLC bought a new stake in Etsy in the 4th quarter valued at about $492,000. Finally, Intech Investment Management LLC acquired a new position in shares of Etsy during the 4th quarter worth approximately $751,000. 99.53% of the stock is 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.