Etsy (NASDAQ:ETSY) Price Target Cut to $35.00 by Analysts at The Goldman Sachs Group

Etsy (NASDAQ:ETSY) had its target price reduced by equities researchers at The Goldman Sachs Group from $45.00 to $35.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “sell” rating on the specialty retailer’s stock. The Goldman Sachs Group’s target price indicates a potential downside of 23.49% from the stock’s current price.

Several other equities research analysts have also recently weighed in on ETSY. Bank of America reduced their price target on Etsy from $55.00 to $50.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 target price on shares of Etsy in a research report on Thursday, February 20th. Wells Fargo & Company dropped their price objective on shares of Etsy from $47.00 to $46.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 2nd. UBS Group decreased their target price on shares of Etsy from $54.00 to $46.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Finally, Truist Financial dropped their price target on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Four analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $56.00.

Etsy Stock Up 2.7 %

Shares of ETSY traded up $1.20 during mid-day trading on Tuesday, hitting $45.74. 963,787 shares of the company’s stock traded hands, compared to its average volume of 3,809,941. The business’s 50-day moving average price is $47.52 and its 200-day moving average price is $51.45. Etsy has a 1 year low of $40.05 and a 1 year high of $71.72. The firm has a market capitalization of $4.90 billion, a P/E ratio of 19.30, a PEG ratio of 2.57 and a beta of 2.15.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. The firm had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same period last year, the company posted $0.62 EPS. Sell-side analysts anticipate that Etsy will post 2.57 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, 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 value of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Toni Thompson Nadal sold 1,444 shares of Etsy stock in a transaction on Thursday, April 3rd. The shares were 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 of the company’s stock, valued at approximately $28,593.60. This trade represents a 70.92 % decrease in their ownership of the stock. 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 quarter. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Lindbrook Capital LLC increased its position in Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the period. True Wealth Design LLC raised its stake in Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after buying an additional 292 shares in the last quarter. Hurley Capital LLC purchased a new stake in Etsy during the fourth quarter worth $32,000. Strategic Investment Solutions Inc. IL bought a new stake in Etsy during the 4th quarter valued at $34,000. Finally, Summit Securities Group LLC purchased a new position in shares of Etsy in the 4th quarter valued at $37,000. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

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.