Etsy (NASDAQ:ETSY) Given New $72.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC raised Etsy's price target from $55.00 to $72.00, indicating an 18.94% potential upside from the current price, with a "buy" rating for the stock.
• Etsy's recent quarterly earnings showed a missed EPS estimate of $0.25 compared to an expected $0.54, although revenue surpassed expectations at $672.66 million.
• The stock currently holds a consensus rating of "Hold," with five analysts rating it as sell, seventeen as hold, and six as buy.

Etsy (NASDAQ:ETSY - Free Report) had its target price raised by Needham & Company LLC from $55.00 to $72.00 in a report issued on Thursday morning,Benzinga reports. Needham & Company LLC currently has a buy rating on the specialty retailer's stock.

A number of other research firms have also weighed in on ETSY. Bank of America upped their price objective on shares of Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a research note on Thursday. Citigroup reduced their target price on shares of Etsy from $53.00 to $48.00 and set a "neutral" rating for the company in a report on Friday, April 25th. B. Riley lowered their price objective on Etsy from $62.00 to $55.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. Piper Sandler cut their price objective on Etsy from $52.00 to $40.00 and set a "neutral" rating for the company in a research report on Friday, April 11th. Finally, The Goldman Sachs Group lowered their price target on Etsy from $35.00 to $31.00 and set a "sell" rating on the stock in a research note on Thursday, May 1st. Five equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $56.76.

Etsy Price Performance

Shares of ETSY traded up $0.50 on Thursday, reaching $58.77. The company's stock had a trading volume of 4,639,839 shares, compared to its average volume of 5,269,765. The stock has a market capitalization of $5.82 billion, a P/E ratio of 47.40, a PEG ratio of 3.18 and a beta of 1.73. The stock's 50 day simple moving average is $56.91 and its two-hundred day simple moving average is $51.44. Etsy has a 12-month low of $40.05 and a 12-month high of $68.45.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results 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). The firm had revenue of $672.66 million for the quarter, compared to analysts' expectations of $645.16 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business's quarterly revenue was up 3.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.41 EPS. Analysts expect that Etsy will post 2.57 earnings per share for the current year.

Insider Transactions at Etsy

In other Etsy news, CEO Josh Silverman sold 151,666 shares of the stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the sale, the chief executive officer directly owned 107,809 shares in the company, valued at $6,218,423.12. This represents a 58.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Richard Edward Colburn III sold 2,350 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $47.01, for a total value of $110,473.50. Following the completion of the sale, the chief technology officer owned 2,896 shares in the company, valued at approximately $136,140.96. The trade was a 44.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 326,041 shares of company stock worth $19,664,717 in the last 90 days. Insiders own 2.80% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. HighTower Advisors LLC acquired a new stake in Etsy during the 4th quarter worth approximately $218,000. Norges Bank acquired a new stake in shares of Etsy during the fourth quarter worth $74,235,000. CIBC Private Wealth Group LLC lifted its holdings in shares of Etsy by 2,298.0% during the fourth quarter. CIBC Private Wealth Group LLC now owns 52,444 shares of the specialty retailer's stock worth $2,802,000 after purchasing an additional 50,257 shares during the period. O Shaughnessy Asset Management LLC grew its position in Etsy by 83.3% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 8,455 shares of the specialty retailer's stock valued at $447,000 after buying an additional 3,843 shares during the last quarter. Finally, Headlands Technologies LLC increased its stake in Etsy by 341.8% in the 4th quarter. Headlands Technologies LLC now owns 2,863 shares of the specialty retailer's stock valued at $151,000 after buying an additional 2,215 shares during the period. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Company Profile

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.