Moffett Nathanson Forecasts Strong Price Appreciation for Etsy (NASDAQ:ETSY) Stock

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

ETSY has been the topic of a number of other research reports. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Etsy in a report on Thursday, October 31st. Stifel Nicolaus dropped their price target on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Deutsche Bank Aktiengesellschaft raised their price target on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Wedbush dropped their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 22nd. Finally, Citigroup dropped their price target on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $64.71.

Etsy Stock Performance

ETSY opened at $54.86 on Tuesday. Etsy has a one year low of $47.10 and a one year high of $89.58. The company has a market cap of $6.17 billion, a P/E ratio of 27.99, a PEG ratio of 6.41 and a beta of 1.99. The business’s 50-day simple moving average is $52.03 and its 200-day simple moving average is $56.46.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 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 during the quarter, compared to analysts’ expectations of $652.47 million. During the same quarter in the previous year, the company posted $0.64 EPS. The company’s revenue was up 4.1% compared to the same quarter last year. 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 approved a stock repurchase plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in 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 generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

In related news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at approximately $30,257.12. The trade was a 70.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,819 shares of company stock valued at $303,438 in the last three months. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds have recently bought and sold shares of the stock. Teachers Retirement System of The State of Kentucky increased its position in Etsy by 32.0% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 27,911 shares of the specialty retailer’s stock worth $1,550,000 after buying an additional 6,766 shares in the last quarter. Coldstream Capital Management Inc. increased its position in Etsy by 11.6% during the third quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock worth $239,000 after buying an additional 448 shares in the last quarter. M&T Bank Corp increased its position in Etsy by 18.8% during the third quarter. M&T Bank Corp now owns 5,600 shares of the specialty retailer’s stock worth $311,000 after buying an additional 885 shares in the last quarter. PYA Waltman Capital LLC increased its position in Etsy by 34.3% during the third quarter. PYA Waltman Capital LLC now owns 23,048 shares of the specialty retailer’s stock worth $1,280,000 after buying an additional 5,889 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Etsy during the third quarter worth $4,376,000. Hedge funds and other institutional investors 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.