Etsy (NASDAQ:ETSY) Given New $61.00 Price Target at Moffett Nathanson

Etsy (NASDAQ:ETSY) had its target price raised by investment analysts at Moffett Nathanson from $60.00 to $61.00 in a research report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Moffett Nathanson’s price target would suggest a potential upside of 12.32% from the stock’s current price.

ETSY has been the topic of a number of other research reports. Evercore ISI raised Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Barclays lowered their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and lowered their target price for the company from $70.00 to $45.00 in a report on Tuesday, October 15th. Oppenheimer downgraded Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Finally, UBS Group lowered their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Etsy currently has a consensus rating of “Hold” and an average target price of $64.71.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $54.31 on Tuesday. The company has a market cap of $6.11 billion, a P/E ratio of 27.71, a PEG ratio of 6.57 and a beta of 1.99. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58. The stock’s fifty day moving average price is $52.01 and its 200-day moving average price is $56.49.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.64 earnings per share. On average, sell-side analysts anticipate that Etsy will post 2.25 earnings per share for the current year.

Etsy declared that its board has authorized a stock buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at $30,257.12. The trade was a 70.91 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. The trade was a 3.98 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 5,819 shares of company stock valued at $303,438. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently bought and sold shares of ETSY. Janus Henderson Group PLC lifted its holdings in shares of Etsy by 4.6% in the 1st quarter. Janus Henderson Group PLC now owns 443,945 shares of the specialty retailer’s stock worth $30,508,000 after buying an additional 19,424 shares during the period. Dynasty Wealth Management LLC purchased a new stake in shares of Etsy in the 1st quarter worth $236,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Etsy by 15.0% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,046 shares of the specialty retailer’s stock worth $455,000 after buying an additional 921 shares during the period. Tidal Investments LLC lifted its holdings in shares of Etsy by 353.2% in the 1st quarter. Tidal Investments LLC now owns 13,574 shares of the specialty retailer’s stock worth $932,000 after buying an additional 10,579 shares during the period. Finally, Hancock Whitney Corp purchased a new stake in shares of Etsy in the 1st quarter worth $1,561,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.