Etsy (NASDAQ:ETSY) Price Target Cut to $44.00 by Analysts at Morgan Stanley

Etsy (NASDAQ:ETSY) had its target price lowered by Morgan Stanley from $45.00 to $44.00 in a report issued on Thursday,Benzinga reports. The firm currently has an underweight rating on the specialty retailer’s stock.

A number of other equities analysts also recently commented on ETSY. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and upped their price objective for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. Moffett Nathanson upped their price objective 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. UBS Group cut their price objective on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday. Stifel Nicolaus cut their price target on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a report on Monday, October 28th. Finally, Citigroup increased their price target on shares of Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, February 14th. 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 assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $60.08.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $51.40 on Thursday. The stock has a market cap of $5.78 billion, a P/E ratio of 26.22, a P/E/G ratio of 2.83 and a beta of 2.00. The firm has a fifty day moving average price of $54.58 and a 200 day moving average price of $53.81. Etsy has a 1-year low of $47.10 and a 1-year high of $78.65.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.62 EPS. Sell-side analysts expect that Etsy will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has initiated a stock buyback program on Wednesday, October 30th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits 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 board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now directly owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently modified their holdings of ETSY. Pacer Advisors Inc. boosted its stake in shares of Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares during the last quarter. Norges Bank acquired a new stake in shares of Etsy during the 4th quarter worth about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Etsy during the 3rd quarter worth about $55,530,000. Holocene Advisors LP acquired a new stake in shares of Etsy during the 3rd quarter worth about $49,061,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after acquiring an additional 850,520 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.