Brokerages Set Etsy, Inc. (NASDAQ:ETSY) Target Price at $57.80

Key Points

• Etsy, Inc. has received a consensus rating of "Hold" from 28 brokerages, with three analysts recommending selling, seventeen holding, and eight buying the stock.
• The company's average target price among analysts is $57.80, with recent upgrades from firms like Canaccord Genuity and Stifel Nicolaus pushing targets as high as $76.00.
• In recent insider transactions, significant shares were sold by directors, leading to a 42.01% decrease in one director's holdings, highlighting potential concerns about insider confidence.

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) has received an average recommendation of "Hold" from the twenty-eight ratings firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a sell rating, seventeen have given a hold rating and eight have assigned a buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $57.80.

ETSY has been the topic of several recent research reports. Barclays restated a "positive" rating and set a $60.00 target price (up previously from $52.00) on shares of Etsy in a research report on Thursday, July 31st. Canaccord Genuity Group set a $76.00 target price on Etsy in a research report on Wednesday, July 30th. Cantor Fitzgerald increased their target price on Etsy from $52.00 to $64.00 and gave the stock a "neutral" rating in a research report on Thursday, July 31st. Wells Fargo & Company increased their target price on Etsy from $41.00 to $57.00 and gave the stock an "underweight" rating in a research report on Thursday, July 31st. Finally, Sanford C. Bernstein increased their target price on Etsy from $45.00 to $50.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th.

Insider Transactions at Etsy

In related news, CAO Merilee Buckley sold 5,817 shares of the stock in a transaction on Monday, August 4th. The stock was sold at an average price of $58.83, for a total value of $342,214.11. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Josh Silverman sold 140,000 shares of the stock in a transaction on Thursday, July 24th. The shares were sold at an average price of $65.00, for a total value of $9,100,000.00. Following the completion of the transaction, the chief executive officer directly owned 62,674 shares in the company, valued at approximately $4,073,810. This represents a 69.08% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 228,316 shares of company stock valued at $14,197,579. Corporate insiders own 2.80% of the company's stock.

Institutional Trading of Etsy

Several institutional investors have recently added to or reduced their stakes in ETSY. Price T Rowe Associates Inc. MD boosted its position in Etsy by 14.1% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 71,437 shares of the specialty retailer's stock valued at $3,779,000 after buying an additional 8,804 shares during the period. Northern Trust Corp boosted its position in Etsy by 22.5% during the fourth quarter. Northern Trust Corp now owns 771,758 shares of the specialty retailer's stock valued at $40,818,000 after buying an additional 141,853 shares during the period. Algert Global LLC boosted its position in Etsy by 76.9% during the fourth quarter. Algert Global LLC now owns 173,804 shares of the specialty retailer's stock valued at $9,192,000 after buying an additional 75,567 shares during the period. Bayesian Capital Management LP boosted its position in Etsy by 68.5% during the fourth quarter. Bayesian Capital Management LP now owns 41,404 shares of the specialty retailer's stock valued at $2,190,000 after buying an additional 16,832 shares during the period. Finally, Balyasny Asset Management L.P. purchased a new stake in Etsy during the fourth quarter valued at about $19,412,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Price Performance

Shares of NASDAQ ETSY traded down $1.31 during midday trading on Monday, reaching $51.70. The company's stock had a trading volume of 4,918,008 shares, compared to its average volume of 5,134,184. Etsy has a 12-month low of $40.05 and a 12-month high of $70.57. The firm has a 50 day moving average price of $58.40 and a 200-day moving average price of $52.36. The stock has a market capitalization of $5.12 billion, a P/E ratio of 41.69, a PEG ratio of 3.38 and a beta of 1.77.

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

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.