Etsy (NASDAQ:ETSY) Given New $61.00 Price Target at Moffett Nathanson

Etsy (NASDAQ:ETSY) had its price objective upped by Moffett Nathanson from $60.00 to $61.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

Other equities analysts have also issued reports about the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a report on Friday, November 1st. Piper Sandler reissued a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research note on Friday, August 23rd. Truist Financial reduced their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. UBS Group reduced their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Finally, Stifel Nicolaus reduced their price target on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $64.71.

Etsy Trading Down 1.6 %

ETSY opened at $54.78 on Tuesday. The firm has a market capitalization of $6.16 billion, a PE ratio of 27.95, a PEG ratio of 6.17 and a beta of 1.99. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58. The firm’s 50-day moving average price is $52.00 and its 200 day moving average price is $56.54.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. As a group, analysts predict that Etsy will post 2.25 earnings per share for the current fiscal year.

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

Insider Activity

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now owns 592 shares in the company, valued at $30,257.12. The trade was a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Insiders have sold 5,819 shares of company stock worth $303,438 over the last 90 days. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Institutional investors and hedge funds have recently bought and sold shares of the business. Blue Trust Inc. lifted its holdings in 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 acquiring an additional 231 shares during the last quarter. UMB Bank n.a. raised its holdings in Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after buying an additional 292 shares during the period. 1620 Investment Advisors Inc. acquired a new stake in Etsy during the 2nd quarter worth about $42,000. Capital Performance Advisors LLP acquired a new stake in Etsy during the 3rd quarter worth about $43,000. Finally, Prospera Private Wealth LLC acquired a new stake in Etsy during the 3rd quarter worth about $59,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.