Citigroup Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its target price lowered by investment analysts at Citigroup from $56.00 to $53.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price objective points to a potential upside of 4.09% from the stock’s current price.

Several other brokerages have also commented on ETSY. UBS Group dropped their price target on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday. Wells Fargo & Company upped their price target on shares of Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research report on Thursday. Canaccord Genuity Group dropped their price target on shares of Etsy from $105.00 to $76.00 and set a “buy” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft lowered shares of Etsy to a “hold” rating and dropped their price target for the stock from $45.00 to $43.00 in a research report on Wednesday, February 12th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $60.08.

Etsy Stock Down 1.2 %

Shares of NASDAQ:ETSY traded down $0.61 during trading on Thursday, reaching $50.92. The stock had a trading volume of 3,161,588 shares, compared to its average volume of 3,253,390. The business has a fifty day moving average price of $54.73 and a 200-day moving average price of $53.83. The stock has a market cap of $5.73 billion, a P/E ratio of 25.97, a PEG ratio of 2.83 and a beta of 2.00. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $78.65.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share 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 net margin of 9.17% and a negative return on equity of 46.79%. The company’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 earnings per share. As a group, equities analysts forecast that Etsy will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has authorized a share buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the sale, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

A number of large investors have recently modified their holdings of ETSY. Blue Trust Inc. grew its position in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares in the last quarter. Lindbrook Capital LLC boosted its position in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares in the last quarter. True Wealth Design LLC boosted its position in shares of Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares in the last quarter. Hurley Capital LLC bought a new position in shares of Etsy during the 4th quarter valued at about $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Etsy during the 4th quarter valued at about $34,000. Institutional investors and hedge funds 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.