Etsy (NASDAQ:ETSY) Given New $67.00 Price Target at Truist Financial

Etsy (NASDAQ:ETSY) had its price target lowered by Truist Financial from $70.00 to $67.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the specialty retailer’s stock.

Several other analysts also recently weighed in on the stock. Needham & Company LLC reissued a “buy” rating and set a $60.00 target price on shares of Etsy in a research report on Thursday, October 31st. Wedbush cut their target price on 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 reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. UBS Group cut their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Finally, Barclays decreased their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $62.42.

Etsy Trading Down 1.3 %

Shares of ETSY stock opened at $55.05 on Wednesday. The company has a market cap of $6.19 billion, a PE ratio of 28.09, a PEG ratio of 2.55 and a beta of 1.99. Etsy has a 12-month low of $47.10 and a 12-month high of $80.30. The business’s fifty day simple moving average is $55.07 and its 200-day simple moving average is $54.62.

Etsy (NASDAQ:ETSY) last issued 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). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same period in the prior year, the business posted $0.64 EPS. Etsy’s revenue was up 4.1% compared to the same quarter last year. On average, equities analysts forecast that Etsy will post 2.26 earnings per share for the current year.

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

Insider Activity at Etsy

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

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Meritage Portfolio Management boosted its position 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 acquiring an additional 159,820 shares during the last quarter. Everence Capital Management Inc. acquired a new position in Etsy in the 3rd quarter valued at about $834,000. Pacer Advisors Inc. grew 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 buying an additional 3,861,668 shares during the period. Principal Financial Group Inc. increased 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 worth $30,125,000 after buying an additional 411,165 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its position 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. 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.