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

Etsy (NASDAQ:ETSY) had its target price decreased by equities researchers at Citigroup from $56.00 to $53.00 in a report released on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price target would indicate a potential upside of 3.39% from the company’s previous close.

A number of other research analysts also recently weighed in on the stock. Deutsche Bank Aktiengesellschaft downgraded shares of Etsy to a “hold” rating and reduced their target price for the company from $45.00 to $43.00 in a research report on Wednesday, February 12th. Truist Financial decreased their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Barclays lowered their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Morgan Stanley cut their price target on Etsy from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Thursday. Finally, Raymond James lowered their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy Stock Down 0.3 %

ETSY stock opened at $51.26 on Thursday. The business has a 50 day moving average of $54.43 and a 200-day moving average of $53.78. Etsy has a 12-month low of $47.10 and a 12-month high of $74.82. The firm has a market cap of $5.77 billion, a PE ratio of 21.63, a P/E/G ratio of 2.55 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 (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.08. The firm had revenue of $852.16 million during the quarter, compared to analyst estimates of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The business’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the firm posted $0.62 EPS. On average, research analysts expect that Etsy will post 2.6 earnings per share for the current year.

Etsy declared that its board has authorized a stock buyback program 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 programs are typically an indication that the company’s management believes its shares are undervalued.

Insider Activity at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new stake in Etsy during the fourth quarter valued at about $3,334,000. GTS Securities LLC increased its position in shares of Etsy by 142.3% during the 4th quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer’s stock valued at $776,000 after purchasing an additional 49,333 shares during the last quarter. PharVision Advisers LLC purchased a new position in shares of Etsy during the 4th quarter valued at about $283,000. Voloridge Investment Management LLC lifted its position in Etsy by 40.6% in the 4th quarter. Voloridge Investment Management LLC now owns 476,457 shares of the specialty retailer’s stock worth $25,200,000 after buying an additional 137,602 shares during the last quarter. Finally, iSAM Funds UK Ltd purchased a new stake in Etsy in the fourth quarter worth approximately $288,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.