Etsy (NYSE:ETSY) Stock Price Expected to Rise, Cantor Fitzgerald Analyst Says

Key Points

• Cantor Fitzgerald raised its price target on Etsy from $51 to $59 while maintaining a "neutral" rating, implying the new target is slightly below the stock's recent price.
• Analyst consensus remains a Hold with a $62 average price target and mixed ratings (2 Strong Buy, 8 Buy, 17 Hold, 3 Sell).
• Earnings recently topped estimates (Q1 EPS $0.92 vs. $0.88) but the company has seen notable insider selling—98,636 shares (~$5.7M) sold in the last 90 days, including a large sale by CEO Josh Silverman.

Etsy (NYSE:ETSY - Get Free Report) had its price target lifted by research analysts at Cantor Fitzgerald from $51.00 to $59.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "neutral" rating on the stock. Cantor Fitzgerald's price objective suggests a potential downside of 7.93% from the company's current price.

A number of other equities research analysts have also weighed in on ETSY. JPMorgan Chase & Co. reduced their price objective on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating on the stock in a report on Friday, February 20th. Barclays upgraded Etsy from an "equal weight" rating to an "overweight" rating and set a $72.00 price target on the stock in a research note on Thursday, February 19th. Wall Street Zen upgraded Etsy from a "hold" rating to a "buy" rating in a report on Saturday, April 11th. Wells Fargo & Company cut their target price on Etsy from $52.00 to $47.00 and set an "underweight" rating on the stock in a research report on Friday, February 20th. Finally, Canaccord Genuity Group cut their price objective on shares of Etsy from $80.00 to $72.00 and set a "buy" rating on the stock in a report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company. According to data from MarketBeat.com, Etsy currently has an average rating of "Hold" and a consensus price target of $62.00.

Etsy Price Performance

ETSY stock opened at $64.08 on Tuesday. The company has a fifty day moving average price of $52.61. Etsy has a 12-month low of $41.51 and a 12-month high of $76.51. The stock has a market cap of $6.17 billion, a P/E ratio of 48.98, a PEG ratio of 4.04 and a beta of 1.77.

Etsy (NYSE:ETSY - Get Free Report) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The business had revenue of $881.64 million for the quarter. Sell-side analysts expect that Etsy will post 3.62 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, Director Charles Andrew Ballard sold 1,790 shares of the stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total transaction of $99,774.60. Following the completion of the sale, the director owned 4,006 shares in the company, valued at $223,294.44. This represents a 30.88% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Josh Silverman sold 30,369 shares of Etsy stock in a transaction on Monday, April 20th. The shares were sold at an average price of $64.00, for a total transaction of $1,943,616.00. Following the completion of the transaction, the insider owned 130,694 shares in the company, valued at approximately $8,364,416. This represents a 18.86% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 98,636 shares of company stock worth $5,703,703 in the last 90 days. 2.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

Large investors have recently modified their holdings of the stock. EFG International AG purchased a new position in Etsy in the 4th quarter valued at $33,000. Salomon & Ludwin LLC acquired a new stake in shares of Etsy in the 3rd quarter worth $55,000. SJS Investment Consulting Inc. lifted its stake in shares of Etsy by 12,600.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the company's stock worth $51,000 after acquiring an additional 756 shares during the period. Abich Financial Wealth Management LLC purchased a new stake in shares of Etsy in the third quarter valued at about $51,000. Finally, Danske Bank A S purchased a new stake in shares of Etsy in the third quarter valued at about $66,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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