Bank of America Cuts Etsy (NASDAQ:ETSY) Price Target to $58.00

Etsy (NASDAQ:ETSY) had its target price trimmed by Bank of America from $61.00 to $58.00 in a research note published on Thursday, Benzinga reports. The firm currently has a neutral rating on the specialty retailer’s stock.

ETSY has been the subject of a number of other reports. Loop Capital reduced their price objective on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a research note on Monday, August 12th. Wolfe Research started coverage on Etsy in a report on Tuesday, July 16th. They set a “peer perform” rating for the company. Oppenheimer lowered shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. Finally, Raymond James reduced their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $66.83.

Etsy Stock Up 1.2 %

ETSY stock traded up $0.59 during trading on Thursday, hitting $49.22. 86,707 shares of the company’s stock traded hands, compared to its average volume of 3,707,978. The stock has a market capitalization of $5.76 billion, a price-to-earnings ratio of 22.21, 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 stock has a fifty day moving average price of $53.20 and a two-hundred day moving average price of $58.90.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). The company had revenue of $647.80 million during the quarter, compared to analyst estimates of $629.87 million. Etsy had a negative return on equity of 51.94% and a net margin of 10.36%. The company’s revenue was up 3.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.83 earnings per share. As a group, equities research analysts expect that Etsy will post 2.38 EPS for the current fiscal year.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the sale, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,619 shares of company stock valued at $300,670. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

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