Etsy (NASDAQ:ETSY) Price Target Raised to $47.00

Etsy (NASDAQ:ETSY) had its price target upped by analysts at Wells Fargo & Company from $44.00 to $47.00 in a research report issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty retailer’s stock. Wells Fargo & Company‘s target price suggests a potential downside of 9.64% from the stock’s current price.

Other analysts have also issued research reports about the stock. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Etsy in a research note on Thursday. Barclays reduced their price objective on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Moffett Nathanson boosted their price target 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. Morgan Stanley decreased their price target on Etsy from $47.00 to $45.00 and set an “underweight” rating on the stock in a research note on Monday, January 13th. Finally, Truist Financial lowered their price objective on shares of Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. Four equities research 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. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $62.33.

Etsy Stock Up 0.9 %

Shares of ETSY stock opened at $52.02 on Thursday. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of 26.32, a PEG ratio of 2.83 and a beta of 2.00. Etsy has a 52-week low of $47.10 and a 52-week high of $78.65. The company’s 50 day moving average is $54.73 and its 200 day moving average is $53.83.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping 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 net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s revenue was up 1.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.62 EPS. Analysts anticipate that Etsy will post 2.25 EPS for the current fiscal year.

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

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated 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 directly owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the period. Lindbrook Capital LLC increased its stake in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the period. True Wealth Design LLC raised its holdings in shares of Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after buying an additional 292 shares during the last quarter. Hurley Capital LLC acquired a new position in shares of Etsy during the fourth quarter worth approximately $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Etsy in the 4th quarter worth approximately $34,000. 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.