Truist Financial Lowers Etsy (NASDAQ:ETSY) Price Target to $67.00

Etsy (NASDAQ:ETSY) had its target price reduced by research analysts at Truist Financial from $70.00 to $67.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the specialty retailer’s stock. Truist Financial’s price objective indicates a potential upside of 19.51% from the stock’s current price.

Other analysts also recently issued reports about the stock. Raymond James reduced their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Moffett Nathanson raised their target price on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Morgan Stanley dropped their price target on Etsy from $47.00 to $45.00 and set an “underweight” rating on the stock in a research report on Monday, January 13th. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $60.00 target price on shares of Etsy in a report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $62.42.

Etsy Stock Performance

Etsy stock opened at $56.06 on Wednesday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $80.30. The stock’s 50 day simple moving average is $55.15 and its two-hundred day simple moving average is $54.63. The stock has a market cap of $6.31 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 2.55 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The firm 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 quarter in the prior year, the firm earned $0.64 earnings per share. On average, analysts predict that Etsy will post 2.26 earnings per share for the current year.

Etsy announced that its Board of Directors has approved a share repurchase program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

Hedge Funds Weigh In On Etsy

Hedge funds have recently modified their holdings of the company. Pacer Advisors Inc. raised its stake in 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 purchasing an additional 3,861,668 shares during the period. Van ECK Associates Corp lifted its holdings in shares of Etsy by 17.4% in the fourth quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock worth $186,583,000 after buying an additional 522,111 shares in the last quarter. DAVENPORT & Co LLC lifted its holdings in shares of Etsy by 12.1% in the fourth quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock worth $92,452,000 after buying an additional 188,386 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after acquiring an additional 850,520 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Etsy in the 3rd quarter valued at $55,530,000. 99.53% of the stock is currently 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.