Etsy (NASDAQ:ETSY) Price Target Raised to $75.00

Key Points

• Bank of America has raised Etsy's price target from $71.00 to $75.00, suggesting a potential upside of 7.06% from the current stock price.
• Despite a 3.8% decline in trading, Etsy's stock performance shows a fifty-two week high of $76.51 and has a market capitalization of $6.94 billion.
• Etsy's recent earnings report revealed an EPS of $0.25, which fell short of analysts' expectations, indicating possible challenges ahead for the specialty retailer.

Etsy (NASDAQ:ETSY - Get Free Report) had its price objective boosted by equities research analysts at Bank of America from $71.00 to $75.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a "neutral" rating on the specialty retailer's stock. Bank of America's price objective indicates a potential upside of 7.06% from the stock's current price.

Several other equities analysts have also issued reports on the company. Arete raised Etsy from a "sell" rating to a "neutral" rating and set a $54.00 price objective on the stock in a report on Thursday, August 7th. Sanford C. Bernstein raised their price objective on shares of Etsy from $45.00 to $50.00 and gave the stock a "market perform" rating in a research report on Thursday, July 17th. Guggenheim reissued a "buy" rating and issued a $70.00 price objective on shares of Etsy in a research note on Thursday, September 18th. Truist Financial boosted their target price on shares of Etsy from $70.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Etsy from $50.00 to $53.00 and gave the stock a "neutral" rating in a research report on Tuesday, July 22nd. Nine investment analysts have rated the stock with a Buy rating, eighteen have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $58.88.

Etsy Trading Down 3.8%

NASDAQ:ETSY traded down $2.80 on Friday, hitting $70.06. 1,488,676 shares of the stock were exchanged, compared to its average volume of 5,136,745. Etsy has a fifty-two week low of $40.05 and a fifty-two week high of $76.51. The stock has a fifty day moving average of $61.89 and a 200-day moving average of $55.03. The stock has a market cap of $6.94 billion, a PE ratio of 56.19, a PEG ratio of 4.47 and a beta of 1.85.

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 analysts' consensus estimates of $0.54 by ($0.29). The firm had revenue of $672.66 million for the quarter, compared to the consensus estimate of $645.16 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company's quarterly revenue was up 3.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.41 EPS. As a group, analysts predict that Etsy will post 2.57 earnings per share for the current year.

Insider Activity at Etsy

In related news, CEO Josh Silverman sold 21,666 shares of the firm's stock in a transaction on Wednesday, October 1st. The stock was sold at an average price of $70.19, for a total transaction of $1,520,736.54. Following the completion of the transaction, the chief executive officer directly owned 62,674 shares of the company's stock, valued at $4,399,088.06. This trade represents a 25.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Charles Andrew Ballard sold 2,400 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $62.42, for a total value of $149,808.00. Following the completion of the sale, the director owned 5,796 shares of the company's stock, valued at approximately $361,786.32. This represents a 29.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 542,667 shares of company stock worth $35,462,857 over the last 90 days. 2.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ETSY. Cooper Financial Group grew its position in Etsy by 31.3% in the 1st quarter. Cooper Financial Group now owns 18,962 shares of the specialty retailer's stock worth $895,000 after purchasing an additional 4,523 shares during the period. OVERSEA CHINESE BANKING Corp Ltd bought a new stake in shares of Etsy in the first quarter worth about $288,000. Praxis Investment Management Inc. bought a new stake in Etsy in the first quarter worth about $232,000. Focus Partners Advisor Solutions LLC purchased a new position in shares of Etsy during the first quarter valued at approximately $922,000. Finally, Hunter Perkins Capital Management LLC bought a new stake in shares of Etsy during the first quarter valued at approximately $649,000. Institutional investors own 99.53% of the company's stock.

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.

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