Raymond James Financial Boosts Etsy (NASDAQ:ETSY) Price Target to $70.00

Etsy (NASDAQ:ETSY - Free Report) had its price target increased by Raymond James Financial from $50.00 to $70.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the specialty retailer's stock.

Other research analysts also recently issued reports about the company. B. Riley reduced their price objective on Etsy from $62.00 to $55.00 and set a "buy" rating on the stock in a report on Thursday, May 1st. Needham & Company LLC reiterated a "buy" rating and set a $60.00 price objective on shares of Etsy in a research note on Wednesday, April 30th. Arete Research upgraded Etsy to a "strong sell" rating in a research note on Wednesday, June 11th. Evercore ISI reduced their price objective on Etsy from $60.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, May 1st. Finally, UBS Group lifted their price objective on Etsy from $45.00 to $62.00 and gave the company a "neutral" rating in a research note on Monday. Five research analysts have rated the stock with a sell rating, seventeen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, Etsy presently has an average rating of "Hold" and an average target price of $51.71.

Etsy Stock Performance

ETSY stock traded down $1.28 during midday trading on Tuesday, reaching $62.71. 1,223,175 shares of the company traded hands, compared to its average volume of 4,696,812. Etsy has a 52-week low of $40.05 and a 52-week high of $66.31. The business has a 50 day moving average of $55.28 and a 200-day moving average of $51.15. The firm has a market capitalization of $6.54 billion, a price-to-earnings ratio of 44.78, a P/E/G ratio of 3.45 and a beta of 1.74.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The business had revenue of $651.18 million during the quarter, compared to analysts' expectations of $642.22 million. During the same quarter in the previous year, the company posted $0.48 earnings per share. The company's quarterly revenue was up .8% compared to the same quarter last year. Research analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insiders Place Their Bets

In other Etsy news, CEO Josh Silverman sold 151,666 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the transaction, the chief executive officer owned 107,809 shares of the company's stock, valued at approximately $6,218,423.12. This trade represents a 58.45% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of the firm's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $51.36, for a total value of $77,040.00. Following the transaction, the insider directly owned 34,683 shares in the company, valued at approximately $1,781,318.88. This represents a 4.15% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 202,298 shares of company stock valued at $11,156,039. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Versant Capital Management Inc lifted its position in Etsy by 1,066.3% in the first quarter. Versant Capital Management Inc now owns 9,622 shares of the specialty retailer's stock valued at $454,000 after purchasing an additional 8,797 shares during the period. Brooklyn FI LLC purchased a new stake in shares of Etsy during the 4th quarter valued at $5,229,000. JBGlobal.com LLC grew its stake in shares of Etsy by 68.2% during the 1st quarter. JBGlobal.com LLC now owns 12,837 shares of the specialty retailer's stock valued at $606,000 after buying an additional 5,206 shares during the period. Natixis Advisors LLC purchased a new stake in shares of Etsy during the 4th quarter valued at $606,000. Finally, Praxis Investment Management Inc. purchased a new stake in shares of Etsy during the 1st quarter valued at $232,000. Hedge funds and other institutional investors own 99.53% of the company's stock.

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.