Etsy (NASDAQ:ETSY) Price Target Raised to $61.00

Etsy (NASDAQ:ETSY) had its price target boosted by Moffett Nathanson from $60.00 to $61.00 in a research report released on Tuesday morning,Benzinga reports. Moffett Nathanson currently has a neutral rating on the specialty retailer’s stock.

Several other analysts also recently issued reports on the company. Stifel Nicolaus cut their price objective on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Truist Financial cut their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Oppenheimer lowered shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Piper Sandler reissued a “neutral” rating and set a $56.00 target price on shares of Etsy in a research note on Friday, August 23rd. Finally, Bank of America decreased their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $64.71.

Etsy Price Performance

ETSY stock opened at $54.31 on Tuesday. The firm has a market cap of $6.11 billion, a PE ratio of 27.71, a P/E/G ratio of 6.57 and a beta of 1.99. Etsy has a 12 month low of $47.10 and a 12 month high of $89.58. The firm has a 50 day simple moving average of $52.02 and a 200 day simple moving average of $56.47.

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

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

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The trade was a 3.98 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. In the last three months, insiders sold 5,819 shares of company stock valued at $303,438. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Large investors have recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in shares of 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 during the period. UMB Bank n.a. grew its position in Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares in the last quarter. 1620 Investment Advisors Inc. bought a new position in Etsy during the second quarter valued at about $42,000. Capital Performance Advisors LLP acquired a new position in Etsy in the 3rd quarter valued at approximately $43,000. Finally, Prospera Private Wealth LLC bought a new stake in shares of Etsy in the 3rd quarter worth approximately $59,000. 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.