Wells Fargo & Company Boosts Etsy (NASDAQ:ETSY) Price Target to $58.00

Key Points

• Wells Fargo & Company raised Etsy's (NASDAQ:ETSY) price target from $57.00 to $58.00, maintaining an "underweight" rating despite this adjustment.
• The stock currently shows a potential downside of 16.43% from its recent price of $69.41, with a consensus average price target of $58.73 from analysts.
• Despite the mixed ratings from various analysts, Etsy has seen significant institutional investment, with 99.53% of its shares owned by institutional investors.

Etsy (NASDAQ:ETSY - Get Free Report) had its price objective lifted by equities researchers at Wells Fargo & Company from $57.00 to $58.00 in a report issued on Tuesday,Benzinga reports. The brokerage presently has an "underweight" rating on the specialty retailer's stock. Wells Fargo & Company's target price indicates a potential downside of 16.43% from the company's current price.

Several other equities analysts also recently commented on the stock. Stifel Nicolaus boosted their target price on shares of Etsy from $45.00 to $66.00 and gave the stock a "hold" rating in a report on Tuesday, July 29th. Bank of America boosted their target price on shares of Etsy from $67.00 to $71.00 and gave the stock a "neutral" rating in a report on Thursday, July 31st. Citizens Jmp raised shares of Etsy to a "hold" rating in a report on Thursday, July 10th. JPMorgan Chase & Co. boosted their target price on shares of Etsy from $50.00 to $53.00 and gave the stock a "neutral" rating in a report on Tuesday, July 22nd. Finally, Guggenheim reissued a "buy" rating and issued a $70.00 target price on shares of Etsy in a report on Thursday, September 18th. Nine research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, Etsy has an average rating of "Hold" and an average price target of $58.73.

Etsy Stock Performance

Shares of ETSY traded down $0.59 during mid-day trading on Tuesday, reaching $69.41. The stock had a trading volume of 648,851 shares, compared to its average volume of 5,145,664. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 56.02, a PEG ratio of 4.61 and a beta of 1.85. Etsy has a 12 month low of $40.05 and a 12 month high of $76.51. The business has a fifty day moving average of $61.21 and a 200 day moving average of $54.62.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its quarterly 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 firm had revenue of $672.66 million during the quarter, compared to the consensus estimate of $645.16 million. During the same quarter in the previous year, the company earned $0.41 earnings per share. The business's revenue for the quarter was up 3.8% compared to the same quarter last year. On average, research analysts forecast that Etsy will post 2.57 EPS for the current fiscal year.

Insider Transactions at Etsy

In other news, insider Goyal Kruti Patel sold 11,944 shares of the company's stock in a transaction dated Thursday, August 7th. The shares were sold at an average price of $59.31, for a total value of $708,398.64. Following the transaction, the insider directly owned 47,529 shares in the company, valued at approximately $2,818,944.99. This represents a 20.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director M Michele Burns sold 14,464 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $62.82, for a total transaction of $908,628.48. Following the completion of the transaction, the director owned 19,964 shares in the company, valued at approximately $1,254,138.48. The trade was a 42.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 542,667 shares of company stock worth $35,462,857. Insiders own 2.80% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Holocene Advisors LP grew its holdings in Etsy by 697.4% during the 2nd quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer's stock worth $268,045,000 after acquiring an additional 4,673,615 shares in the last quarter. AQR Capital Management LLC boosted its holdings in shares of Etsy by 423.7% in the 1st quarter. AQR Capital Management LLC now owns 4,658,225 shares of the specialty retailer's stock valued at $218,890,000 after buying an additional 3,768,787 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Etsy by 62.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer's stock valued at $185,197,000 after buying an additional 1,416,772 shares in the last quarter. Acadian Asset Management LLC boosted its holdings in shares of Etsy by 112.8% in the 1st quarter. Acadian Asset Management LLC now owns 2,803,956 shares of the specialty retailer's stock valued at $132,273,000 after buying an additional 1,486,142 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in shares of Etsy by 36.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 2,026,263 shares of the specialty retailer's stock valued at $95,599,000 after buying an additional 535,864 shares in the last quarter. 99.53% of the stock is currently owned by 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.

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