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

Etsy (NASDAQ:ETSY) had its target price trimmed by Citigroup from $56.00 to $53.00 in a report issued on Thursday morning,Benzinga reports. The firm currently has a neutral rating on the specialty retailer’s stock.

Other equities research analysts have also issued reports about the stock. Canaccord Genuity Group reduced their price objective on shares of Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a research note on Thursday. Deutsche Bank Aktiengesellschaft lowered shares of Etsy to a “hold” rating and reduced their price objective for the company from $45.00 to $43.00 in a research note on Wednesday, February 12th. Loop Capital reduced their price objective on shares of Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a research note on Thursday. Cantor Fitzgerald reduced their price objective on shares of Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday. Finally, Raymond James cut their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $58.78.

Etsy Stock Performance

Shares of NASDAQ ETSY opened at $51.26 on Thursday. Etsy has a 52-week low of $47.10 and a 52-week high of $74.82. The firm has a 50 day moving average price of $54.43 and a two-hundred day moving average price of $53.78. The stock has a market cap of $5.49 billion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same period in the prior year, the firm posted $0.62 EPS. The company’s quarterly revenue was up 1.2% on a year-over-year basis. Analysts predict that Etsy will post 2.57 earnings per share for the current fiscal year.

Etsy declared that its board has authorized a share repurchase plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the sale, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Trading of Etsy

Institutional investors and hedge funds have recently made changes to their positions in the company. Blue Trust Inc. raised its holdings in shares of Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. Lindbrook Capital LLC raised its holdings 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 last quarter. True Wealth Design LLC raised its holdings in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC purchased a new stake in shares of Etsy in the fourth quarter valued at about $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in shares of Etsy in the fourth quarter valued at about $34,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.