Etsy (NASDAQ:ETSY) Price Target Lowered to $53.00 at Citigroup

Etsy (NASDAQ:ETSY) had its target price trimmed by Citigroup from $56.00 to $53.00 in a research report report published on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the specialty retailer’s stock.

Other analysts also recently issued reports about the company. Loop Capital dropped their price objective on Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a research report on Thursday. Deutsche Bank Aktiengesellschaft downgraded Etsy to a “hold” rating and dropped their target price for the company from $45.00 to $43.00 in a research report on Wednesday, February 12th. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and increased their target price for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Bank of America dropped 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. Finally, Morgan Stanley dropped their target price on Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research report on Thursday. Four 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy Stock Down 0.3 %

Shares of ETSY stock opened at $51.40 on Thursday. Etsy has a twelve month low of $47.10 and a twelve month high of $78.65. The company has a market cap of $5.78 billion, a P/E ratio of 26.22, a P/E/G ratio of 2.83 and a beta of 2.00. The business has a fifty day simple moving average of $54.58 and a 200 day simple moving average of $53.81.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping the consensus estimate 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 during the quarter, compared to the consensus estimate of $861.37 million. During the same period in the prior year, the company earned $0.62 EPS. Etsy’s revenue for the quarter was up 1.2% on a year-over-year basis. As a group, equities research analysts anticipate that Etsy will post 2.25 earnings per share for the current fiscal year.

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

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 2.60% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

Large investors have recently added to or reduced their stakes in the business. Meritage Portfolio Management grew its stake in Etsy by 152.4% during the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock worth $14,698,000 after purchasing an additional 159,820 shares during the period. Pacer Advisors Inc. grew its stake in Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares during the period. Principal Financial Group Inc. grew its stake in Etsy by 313.1% in the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after acquiring an additional 411,165 shares during the period. Thrivent Financial for Lutherans grew its stake in Etsy by 258.5% in the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock valued at $6,576,000 after acquiring an additional 85,396 shares during the period. Finally, Louisiana State Employees Retirement System grew its stake in Etsy by 740.9% in the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares during the period. 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.