Etsy (NASDAQ:ETSY) Given New $54.00 Price Target at UBS Group

Etsy (NASDAQ:ETSY) had its target price lowered by stock analysts at UBS Group from $55.00 to $54.00 in a report issued on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. UBS Group’s price objective points to a potential upside of 6.39% from the stock’s previous close.

Several other equities research analysts have also recently weighed in on the company. Barclays dropped 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. Bank of America lowered their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a report on Thursday, October 24th. Truist Financial reduced their target price on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Thursday. Finally, Wells Fargo & Company upped their target price on shares of Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research report on Thursday. Four research analysts have rated the stock with a sell rating, fourteen have given 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.com, Etsy has a consensus rating of “Hold” and a consensus price target of $61.88.

Etsy Stock Down 1.5 %

ETSY traded down $0.77 during trading on Thursday, reaching $50.76. 920,709 shares of the company were exchanged, compared to its average volume of 3,184,353. The company’s 50-day moving average is $54.73 and its two-hundred day moving average is $53.83. Etsy has a 12-month low of $47.10 and a 12-month high of $78.65. The company has a market cap of $5.71 billion, a price-to-earnings ratio of 25.84, a P/E/G ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same period in the prior year, the company earned $0.62 EPS. The company’s quarterly revenue was up 1.2% compared to the same quarter last year. Equities analysts forecast that Etsy will post 2.25 earnings per share for the current year.

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

Insider Buying and Selling at Etsy

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

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its position in Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the period. Lindbrook Capital LLC boosted its stake in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 181 shares during the last quarter. True Wealth Design LLC grew 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 acquiring an additional 292 shares during the period. Hurley Capital LLC purchased a new stake in shares of Etsy in the 4th quarter worth $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Etsy in the 4th quarter worth $34,000. Hedge funds and other institutional investors 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.