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

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

A number of other research analysts also recently issued reports on ETSY. Wells Fargo & Company cut their target price on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Citigroup cut their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. Bank of America lowered their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Thursday, October 31st. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $62.54.

Etsy Stock Up 1.7 %

Shares of NASDAQ ETSY opened at $53.45 on Monday. The firm’s 50-day simple moving average is $54.79 and its 200 day simple moving average is $55.03. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 27.27, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99. Etsy has a 12-month low of $47.10 and a 12-month high of $80.30.

Etsy (NASDAQ:ETSY) last released its earnings results 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities analysts expect that Etsy will post 2.25 earnings per share for the current year.

Etsy declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the sale, the insider now owns 24,371 shares of the company’s stock, valued at approximately $1,279,477.50. This represents a 2.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the last quarter. UMB Bank n.a. boosted its holdings in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of Etsy in the 3rd quarter valued at approximately $43,000. Versant Capital Management Inc boosted its holdings in shares of Etsy by 153.1% in the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after buying an additional 499 shares during the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Etsy in the 3rd quarter valued at approximately $59,000. Institutional investors and hedge funds 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.