Raymond James Cuts Etsy (NASDAQ:ETSY) Price Target to $65.00

Etsy (NASDAQ:ETSY) had its price objective lowered by analysts at Raymond James from $72.00 to $65.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the specialty retailer’s stock. Raymond James’ price target suggests a potential upside of 30.73% from the stock’s previous close.

ETSY has been the topic of several other research reports. Needham & Company LLC restated a “buy” rating and set a $60.00 price target on shares of Etsy in a research report on Wednesday. Wells Fargo & Company dropped their price target on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Wedbush decreased their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday. Evercore ISI raised shares of Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Finally, Wolfe Research began coverage on Etsy in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Four equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $67.23.

Etsy Price Performance

NASDAQ ETSY traded up $0.39 on Wednesday, hitting $49.72. The stock had a trading volume of 208,876 shares, compared to its average volume of 3,717,603. The stock has a market cap of $5.81 billion, a price-to-earnings ratio of 22.70, a price-to-earnings-growth ratio of 4.99 and a beta of 1.97. Etsy has a 52-week low of $48.07 and a 52-week high of $89.58. The business’s fifty day moving average price is $53.34 and its 200 day moving average price is $59.04.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 EPS for the quarter, missing the consensus estimate of $0.46 by ($0.05). The company had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The business’s revenue for the quarter was up 3.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.83 earnings per share. As a group, sell-side analysts anticipate that Etsy will post 2.38 EPS for the current year.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $59.74, for a total value of $44,805.00. Following the completion of the transaction, the insider now owns 18,833 shares of the company’s stock, valued at approximately $1,125,083.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $59.74, for a total transaction of $44,805.00. Following the transaction, the insider now owns 18,833 shares of the company’s stock, valued at approximately $1,125,083.42. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 5,619 shares of company stock valued at $300,670 in the last three months. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Sunbelt Securities Inc. raised its holdings in Etsy by 3,900.0% during the first quarter. Sunbelt Securities Inc. now owns 440 shares of the specialty retailer’s stock worth $30,000 after purchasing an additional 429 shares in the last quarter. MCF Advisors LLC raised its stake in Etsy by 23,542.9% during the 1st quarter. MCF Advisors LLC now owns 3,310 shares of the specialty retailer’s stock worth $227,000 after acquiring an additional 3,296 shares in the last quarter. Fiduciary Alliance LLC purchased a new stake in Etsy in the first quarter valued at $262,000. Allspring Global Investments Holdings LLC lifted its position in Etsy by 68.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,968 shares of the specialty retailer’s stock valued at $754,000 after acquiring an additional 4,474 shares during the last quarter. Finally, Deepwater Asset Management LLC grew its holdings in shares of Etsy by 8.6% during the first quarter. Deepwater Asset Management LLC now owns 175,507 shares of the specialty retailer’s stock worth $12,061,000 after purchasing an additional 13,947 shares during 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.