Etsy (NASDAQ:ETSY) Price Target Lowered to $40.00 at Loop Capital

Etsy (NASDAQ:ETSY) had its price objective trimmed by Loop Capital from $45.00 to $40.00 in a report published on Thursday,Benzinga reports. The brokerage currently has a sell rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other research reports. Cantor Fitzgerald reduced their target price on Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday. Stifel Nicolaus reduced their target price on Etsy from $56.00 to $51.00 and set a “hold” rating on the stock in a report on Thursday. Barclays reduced 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. Morgan Stanley reduced their target price on Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Thursday. Finally, Truist Financial reduced their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Etsy has an average rating of “Hold” and a consensus target price of $60.08.

Etsy Price Performance

ETSY opened at $51.40 on Thursday. The business has a 50 day simple moving average of $54.58 and a two-hundred day simple moving average of $53.81. The firm has a market capitalization of $5.78 billion, a price-to-earnings ratio of 26.22, a PEG ratio of 2.83 and a beta of 2.00. Etsy has a one year low of $47.10 and a one year high of $78.65.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. The business had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. Etsy’s quarterly revenue was up 1.2% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.62 EPS. As a group, sell-side analysts expect that Etsy will post 2.25 EPS for the current fiscal year.

Etsy declared that its board has initiated a stock repurchase plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Insider Activity at Etsy

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

Hedge Funds Weigh In On Etsy

Hedge funds and other institutional investors have recently modified their holdings of the company. Meritage Portfolio Management lifted its holdings in shares of Etsy by 152.4% during the 3rd quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after buying an additional 159,820 shares during the period. Pacer Advisors Inc. lifted its holdings in shares of Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after buying an additional 3,861,668 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after buying an additional 411,165 shares during the period. Thrivent Financial for Lutherans lifted its holdings in shares of Etsy by 258.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock valued at $6,576,000 after buying an additional 85,396 shares during the period. Finally, Louisiana State Employees Retirement System lifted its holdings in shares of Etsy by 740.9% during 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 buying an additional 48,900 shares during the period. 99.53% of the stock is owned by institutional investors.

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.