Etsy, Inc. ETSY reported stronger-than-expected sales for its first quarter.

The company posted quarterly revenue of $640.88 million, which topped estimates of $622.82 million. Earnings came in at 53 cents per share, missing expectations of 55 cents per share.

Etsy said it expects second-quarter revenue to be between $590 million and $640 million, compared to the analyst consensus estimate of $642.3 million.

Etsy shares dropped 7.5% to $91.52 on Thursday.

These analysts made changes to their price targets on Etsy after the company released Q1 deliveries numbers.

• Morgan Stanley raised the price target on Etsy from $74 to $79. Morgan Stanley analyst Lauren Schenk maintained an Equal-Weight rating on the stock.
• Evercore ISI Group lowered Etsy price target from $140 to $120. Evercore ISI Group analyst Shweta Khajuria maintained an Outperform rating on the stock.
• Loop Capital cut Etsy price target from $125 to $105. Loop Capital analyst Laura Champine maintained the stock with a Hold.
• Oppenheimer reduced Etsy price target from $155 to $150. Oppenheimer analyst Jason Helfstein maintained an Outperform rating on the stock.