Citigroup Cuts Etsy (NASDAQ:ETSY) Price Target to $53.00

Etsy (NASDAQ:ETSY) had its price target cut by Citigroup from $56.00 to $53.00 in a research note published on Thursday,Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

Other analysts also recently issued research reports about the stock. Moffett Nathanson lifted their target price on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Cantor Fitzgerald reduced their target price on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday. Stifel Nicolaus cut their price objective on shares of Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a report on Thursday. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and boosted their price objective for the company from $45.00 to $55.00 in a report on Monday, January 13th. Finally, Truist Financial cut their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a report on Wednesday, January 29th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $58.78.

Etsy Price Performance

Etsy stock opened at $51.26 on Thursday. The firm has a market capitalization of $5.49 billion, a PE ratio of 21.63, a P/E/G ratio of 2.57 and a beta of 2.00. The company’s 50-day moving average is $54.43 and its 200-day moving average is $53.78. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $74.82.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. The business had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. Etsy’s revenue was up 1.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.62 EPS. As a group, analysts expect that Etsy will post 2.57 EPS for the current year.

Etsy declared that its board has initiated a share buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently added to or reduced their stakes in ETSY. Blue Trust Inc. increased its position in Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares in the last quarter. Lecap Asset Management Ltd. increased its position in Etsy by 75.2% during the 3rd quarter. Lecap Asset Management Ltd. now owns 17,859 shares of the specialty retailer’s stock worth $992,000 after purchasing an additional 7,664 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Etsy in the 3rd quarter valued at approximately $1,233,000. DORCHESTER WEALTH MANAGEMENT Co acquired a new position in Etsy in the 3rd quarter valued at approximately $214,000. Finally, Louisiana State Employees Retirement System increased its position in Etsy by 740.9% in the 3rd quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.