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

Etsy (NASDAQ:ETSY) had its price objective decreased by stock analysts at Wells Fargo & Company from $47.00 to $46.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price points to a potential downside of 6.76% from the stock’s current price.

A number of other equities research analysts also recently weighed in on the company. Loop Capital dropped their price objective on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research report on Thursday, February 20th. Morgan Stanley cut their price target on shares of Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Thursday, February 20th. Cantor Fitzgerald decreased their price objective on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, February 20th. Stifel Nicolaus reduced their target price on Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a research report on Thursday, February 20th. Finally, Citigroup dropped their price target on Etsy from $56.00 to $53.00 and set a “neutral” rating on the stock in a research note on Thursday, February 20th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $58.38.

Etsy Price Performance

Shares of ETSY traded up $0.81 during midday trading on Wednesday, hitting $49.34. The stock had a trading volume of 534,049 shares, compared to its average volume of 3,703,037. Etsy has a 1 year low of $43.43 and a 1 year high of $71.72. The stock’s 50 day moving average is $50.74 and its 200 day moving average is $52.55. The firm has a market cap of $5.28 billion, a PE ratio of 20.80, a price-to-earnings-growth ratio of 2.57 and a beta of 2.23.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.95 by $0.08. The business had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The firm’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.62 earnings per share. As a group, equities research analysts expect that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $50.48, for a total value of $75,720.00. Following the transaction, the insider now owns 20,698 shares in the company, valued at $1,044,835.04. The trade was a 6.76 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Josh Silverman sold 21,666 shares of Etsy stock in a transaction 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 owns 5,004 shares in the company, valued at approximately $260,458.20. This trade represents a 81.24 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,666 shares of company stock valued at $1,286,445. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Etsy by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock valued at $651,056,000 after buying an additional 56,772 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Etsy by 4.5% in the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock valued at $286,751,000 after purchasing an additional 235,550 shares in the last quarter. Van ECK Associates Corp lifted its stake in shares of Etsy by 17.4% in the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock valued at $186,583,000 after purchasing an additional 522,111 shares during the period. DAVENPORT & Co LLC boosted its holdings in Etsy by 12.1% during the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock worth $92,452,000 after buying an additional 188,386 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its position in Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after buying an additional 850,520 shares during the period. 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.