Etsy (NASDAQ:ETSY) Price Target Raised to $71.00 at Bank of America

Key Points

• Bank of America raised its price target for Etsy (NASDAQ:ETSY) from $67 to $71, indicating a potential upside of 14.55% from the previous close.
• Despite mixed ratings from various analysts, Etsy's current average target price stands at $54.50, with the majority of analysts rating it as a "Hold."
• Etsy reported a missed earnings estimate for the last quarter, with EPS of $0.25 compared to expectations of $0.54, though revenue showed a year-over-year increase.

Etsy (NASDAQ:ETSY - Get Free Report) had its target price raised by equities research analysts at Bank of America from $67.00 to $71.00 in a report released on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the specialty retailer's stock. Bank of America's price target suggests a potential upside of 20.81% from the stock's previous close.

Several other research firms have also commented on ETSY. Needham & Company LLC reiterated a "buy" rating and issued a $60.00 price target on shares of Etsy in a research report on Wednesday, April 30th. B. Riley lowered their target price on Etsy from $62.00 to $55.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Morgan Stanley upgraded Etsy from an "underweight" rating to an "equal weight" rating and upped their target price for the stock from $38.00 to $50.00 in a report on Monday, July 21st. Arete cut shares of Etsy from a "neutral" rating to a "sell" rating and set a $43.00 target price for the company. in a research report on Wednesday, June 11th. Finally, Piper Sandler cut their price objective on shares of Etsy from $52.00 to $40.00 and set a "neutral" rating on the stock in a report on Friday, April 11th. Five analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $56.76.

Etsy Price Performance

Shares of ETSY stock traded up $0.50 on Thursday, hitting $58.77. 4,639,839 shares of the stock traded hands, compared to its average volume of 5,269,765. Etsy has a 52 week low of $40.05 and a 52 week high of $68.45. The firm has a market cap of $5.82 billion, a price-to-earnings ratio of 47.40, a PEG ratio of 3.18 and a beta of 1.73. The firm has a 50 day simple moving average of $56.91 and a two-hundred day simple moving average of $51.44.

Etsy (NASDAQ:ETSY - Get Free Report) last released its earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.29). The company had revenue of $672.66 million during the quarter, compared to analysts' expectations of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%. Etsy's quarterly revenue was up 3.8% compared to the same quarter last year. During the same period last year, the firm posted $0.41 EPS. Sell-side analysts forecast that Etsy will post 2.57 EPS for the current year.

Insider Transactions at Etsy

In related news, CEO Josh Silverman sold 140,000 shares of the company's stock in a transaction dated Thursday, July 24th. The shares were sold at an average price of $65.00, for a total transaction of $9,100,000.00. Following the completion of the sale, the chief executive officer owned 62,674 shares of the company's stock, valued at approximately $4,073,810. This represents a 69.08% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Melissa Reiff sold 6,909 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $58.89, for a total value of $406,871.01. Following the completion of the sale, the director owned 16,424 shares of the company's stock, valued at approximately $967,209.36. The trade was a 29.61% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 326,041 shares of company stock valued at $19,664,717 over the last ninety days. Company insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors have recently made changes to their positions in the stock. Boyd Watterson Asset Management LLC OH boosted its position in shares of Etsy by 666.7% during the second quarter. Boyd Watterson Asset Management LLC OH now owns 5,750 shares of the specialty retailer's stock worth $288,000 after buying an additional 5,000 shares during the period. SYM FINANCIAL Corp boosted its holdings in Etsy by 20.2% during the 2nd quarter. SYM FINANCIAL Corp now owns 5,271 shares of the specialty retailer's stock valued at $264,000 after acquiring an additional 885 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in Etsy during the second quarter worth about $8,671,000. Brighton Jones LLC acquired a new stake in shares of Etsy during the second quarter worth about $770,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Etsy by 155.7% during the second quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,680 shares of the specialty retailer's stock worth $736,000 after purchasing an additional 8,940 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.