Etsy (NASDAQ:ETSY) Price Target Cut to $45.00 by Analysts at Morgan Stanley

Etsy (NASDAQ:ETSY) had its target price reduced by Morgan Stanley from $47.00 to $45.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

A number of other equities analysts have also commented on ETSY. Wedbush dropped their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. JMP Securities reissued a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Barclays dropped their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Wells Fargo & Company dropped their price target on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Finally, Moffett Nathanson boosted their target price on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $62.54.

Etsy Stock Up 1.7 %

NASDAQ ETSY opened at $53.45 on Monday. The stock has a market capitalization of $6.01 billion, a PE ratio of 27.27, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99. The company has a 50 day moving average price of $54.79 and a two-hundred day moving average price of $55.03. Etsy has a 12-month low of $47.10 and a 12-month high of $80.30.

Etsy (NASDAQ:ETSY) last posted its 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the firm earned $0.64 earnings per share. Etsy’s revenue was up 4.1% compared to the same quarter last year. As a group, equities analysts anticipate that Etsy will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has approved a stock buyback plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the sale, the insider now owns 24,371 shares in the company, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Pacer Advisors Inc. boosted its stake in shares of Etsy by 183.9% in 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 in the last quarter. Marshall Wace LLP lifted its position in Etsy by 304.2% during the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after buying an additional 1,055,296 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Etsy during the 3rd quarter worth about $55,530,000. Holocene Advisors LP acquired a new position in Etsy during the 3rd quarter worth about $49,061,000. Finally, Renaissance Technologies LLC lifted its position in Etsy by 21.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after buying an additional 734,200 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.