Etsy (NASDAQ:ETSY) Price Target Lowered to $54.00 at UBS Group

Etsy (NASDAQ:ETSY) had its price target cut by UBS Group from $55.00 to $54.00 in a report released on Thursday,Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

Other equities analysts have also recently issued research reports about the stock. Bank of America reduced their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Deutsche Bank Aktiengesellschaft cut shares of Etsy to a “hold” rating and cut their price target for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Truist Financial cut their price target on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research note on Wednesday, January 29th. Morgan Stanley cut their price target on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a research note on Monday, January 13th. Finally, Citigroup boosted their price target on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued 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 an average rating of “Hold” and a consensus target price of $60.08.

Etsy Trading Down 0.3 %

Shares of NASDAQ:ETSY opened at $51.40 on Thursday. The company has a 50 day moving average of $54.58 and a 200 day moving average of $53.81. The stock 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. Etsy has a 12 month low of $47.10 and a 12 month high of $78.65.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating the consensus estimate of $0.95 by $0.08. The company had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s revenue for the quarter was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. On average, equities analysts forecast that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy announced that its board has approved a share buyback plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Activity 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 shares were 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 directly owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.60% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Etsy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Etsy by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 12,309,622 shares of the specialty retailer’s stock valued at $651,056,000 after buying an additional 56,772 shares during the last quarter. Pacer Advisors Inc. raised its holdings in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Etsy by 4.5% in the 4th quarter. Renaissance Technologies LLC now owns 5,421,641 shares of the specialty retailer’s stock worth $286,751,000 after purchasing an additional 235,550 shares in the last quarter. Van ECK Associates Corp raised its holdings in Etsy by 17.4% in the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock worth $186,583,000 after purchasing an additional 522,111 shares in the last quarter. Finally, DAVENPORT & Co LLC raised its holdings in Etsy by 12.1% in the 4th quarter. DAVENPORT & Co LLC now owns 1,748,008 shares of the specialty retailer’s stock worth $92,452,000 after purchasing an additional 188,386 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

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.