Morgan Stanley Cuts Etsy (NASDAQ:ETSY) Price Target to $45.00

Etsy (NASDAQ:ETSY) had its price objective lowered by Morgan Stanley from $47.00 to $45.00 in a research report released on Monday,Benzinga reports. Morgan Stanley currently has an underweight rating on the specialty retailer’s stock.

A number of other brokerages also recently issued reports on ETSY. Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and lifted their price target for the stock from $45.00 to $55.00 in a research note on Monday. Moffett Nathanson increased their price objective 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. Deutsche Bank Aktiengesellschaft boosted their target price on Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $50.00 price target on shares of Etsy in a report on Monday, October 7th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Etsy presently has a consensus rating of “Hold” and a consensus target price of $62.54.

Etsy Trading Down 0.3 %

Shares of NASDAQ ETSY opened at $53.27 on Monday. Etsy has a 12-month low of $47.10 and a 12-month high of $80.30. The firm’s 50-day moving average price is $54.82 and its 200-day moving average price is $54.96. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of 27.18, a P/E/G ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data 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). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. During the same quarter last year, the company earned $0.64 earnings per share. On average, equities analysts predict that Etsy will post 2.25 EPS for the current fiscal year.

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

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total transaction of $39,375.00. Following the completion of the sale, the insider now owns 24,371 shares of the company’s stock, valued at $1,279,477.50. This represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Large investors have recently made changes to their positions in the business. American Century Companies Inc. boosted its position in shares of Etsy by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 12,519 shares of the specialty retailer’s stock worth $738,000 after purchasing an additional 367 shares in the last quarter. Brown Brothers Harriman & Co. grew its stake in shares of Etsy by 7.6% during the second quarter. Brown Brothers Harriman & Co. now owns 21,210 shares of the specialty retailer’s stock worth $1,251,000 after acquiring an additional 1,500 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Etsy by 53.6% during the second quarter. Dimensional Fund Advisors LP now owns 933,062 shares of the specialty retailer’s stock valued at $55,032,000 after acquiring an additional 325,709 shares in the last quarter. Renaissance Technologies LLC raised its position in shares of Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares during the last quarter. Finally, Edgestream Partners L.P. purchased a new position in shares of Etsy in the 2nd quarter valued at approximately $807,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.