Etsy (NASDAQ:ETSY) Price Target Raised to $58.00 at Wells Fargo & Company

Etsy (NASDAQ:ETSY) had its price objective hoisted by Wells Fargo & Company from $57.00 to $58.00 in a research note released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an underweight rating on the specialty retailer’s stock.

Other equities analysts also recently issued reports about the company. Cantor Fitzgerald raised their price objective on Etsy from $52.00 to $64.00 and gave the company a “neutral” rating in a research note on Thursday, July 31st. Raymond James Financial raised their price objective on Etsy from $50.00 to $70.00 and gave the company an “outperform” rating in a research note on Tuesday, July 22nd. Arete Research raised Etsy from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 7th. Stifel Nicolaus raised their price objective on Etsy from $45.00 to $66.00 and gave the company a “hold” rating in a research note on Tuesday, July 29th. Finally, Morgan Stanley set a $54.00 price target on Etsy in a research report on Monday, September 29th. Nine investment analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and four have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $58.73.

Etsy Price Performance

NASDAQ ETSY opened at $71.44 on Tuesday. Etsy has a 1-year low of $40.05 and a 1-year high of $76.51. The company has a market capitalization of $7.08 billion, a P/E ratio of 57.61, a PEG ratio of 4.46 and a beta of 1.85. The business has a 50 day moving average price of $61.43 and a 200 day moving average price of $54.74.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, July 30th. The specialty retailer reported $0.25 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The firm had revenue of $672.66 million during the quarter, compared to analysts’ expectations of $645.16 million. During the same period in the previous year, the business earned $0.41 earnings per share. The business’s revenue for the quarter was up 3.8% on a year-over-year basis. On average, research analysts expect that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Etsy

In other news, insider Goyal Kruti Patel sold 7,685 shares of the firm’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $75.01, for a total transaction of $576,451.85. Following the sale, the insider owned 54,840 shares in the company, valued at $4,113,548.40. This trade represents a 12.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Charles Andrew Ballard sold 2,400 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $62.42, for a total value of $149,808.00. Following the sale, the director owned 5,796 shares in the company, valued at $361,786.32. This trade represents a 29.28% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 542,667 shares of company stock valued at $35,462,857. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently made changes to their positions in the business. Holocene Advisors LP boosted its holdings in shares of Etsy by 697.4% during the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock worth $268,045,000 after purchasing an additional 4,673,615 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Etsy by 423.7% during the first quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer’s stock worth $218,890,000 after purchasing an additional 3,768,787 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Etsy by 62.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after purchasing an additional 1,416,772 shares during the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Etsy by 112.8% during the first quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer’s stock worth $132,273,000 after purchasing an additional 1,486,142 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Etsy by 36.0% during the first quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer’s stock worth $95,599,000 after purchasing an additional 535,864 shares during the last quarter. Institutional investors and hedge funds 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.