Etsy (NASDAQ:ETSY) Price Target Raised to $50.00

by · The Cerbat Gem

Etsy (NASDAQ:ETSY – Free Report) had its price objective upped by Deutsche Bank Aktiengesellschaft from $48.00 to $50.00 in a report published on Friday, Benzinga reports. The brokerage currently has a hold rating on the specialty retailer’s stock.

Several other equities analysts have also recently weighed in on the stock. Truist Financial dropped their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday. Piper Sandler reaffirmed a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Evercore ISI raised Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 target price on shares of Etsy in a research note on Thursday. Finally, Loop Capital dropped their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $64.87.

Get Our Latest Analysis on Etsy

Etsy Stock Performance

Shares of Etsy stock opened at $52.77 on Friday. The stock has a market capitalization of $6.06 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 5.94 and a beta of 1.99. Etsy has a 52 week low of $47.10 and a 52 week high of $89.58. The stock has a 50 day moving average price of $52.60 and a two-hundred day moving average price of $58.08.

Etsy (NASDAQ:ETSY – Get Free Report) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 period in the previous year, the business posted $0.64 EPS. The business’s revenue for the quarter was up 4.1% compared to the same quarter last year. Research analysts forecast that Etsy will post 2.3 EPS for the current year.

Etsy announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was 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. Over the last ninety days, insiders have sold 4,619 shares of company stock valued at $240,825. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its position in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares in the last quarter. UMB Bank n.a. increased its stake in Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 292 shares during the last quarter. Larson Financial Group LLC raised its position in Etsy by 1,576.5% during the first quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after purchasing an additional 536 shares in the last quarter. 1620 Investment Advisors Inc. bought a new stake in Etsy during the second quarter worth about $42,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Etsy in the 3rd quarter worth about $43,000. 99.53% of the stock is currently owned by institutional investors.

About Etsy

(Get Free Report)

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.

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