Etsy (NASDAQ:ETSY) Given New $54.00 Price Target at Citigroup

Etsy (NASDAQ:ETSY) had its price objective lowered by Citigroup from $65.00 to $54.00 in a research note published on Thursday morning, Benzinga reports. The brokerage currently has a neutral rating on the specialty retailer’s stock.

A number of other analysts have also issued reports on the company. Barclays reduced their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday. Bank of America cut their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research note on Friday, August 23rd. Raymond James reduced their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Finally, Evercore ISI raised Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Four investment analysts have rated the stock with a sell rating, twelve have issued 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.com, the company currently has a consensus rating of “Hold” and an average price target of $65.65.

Etsy Price Performance

Shares of ETSY traded up $0.07 during trading hours on Thursday, reaching $51.51. 668,394 shares of the company’s stock traded hands, compared to its average volume of 3,747,582. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 26.24, a P/E/G ratio of 5.39 and a beta of 1.97. The business’s fifty day simple moving average is $52.70 and its two-hundred day simple moving average is $58.30. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results 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 negative return on equity of 47.52% and a net margin of 9.17%. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. During the same quarter last year, the firm posted $0.64 earnings per share. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, equities research analysts expect that Etsy will post 2.37 EPS for the current year.

Etsy declared that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insiders Place Their Bets

In related news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $53.15, for a total value of $39,862.50. Following the completion of the transaction, the insider now directly owns 25,121 shares in the company, valued at $1,335,181.15. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 4,619 shares of company stock worth $240,825 over the last 90 days. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several institutional investors have recently added to or reduced their stakes in ETSY. Everence Capital Management Inc. acquired a new stake in shares of Etsy in the third quarter valued at approximately $834,000. TD Asset Management Inc increased its stake in Etsy by 16.8% in the 1st quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after buying an additional 221,275 shares during the last quarter. Diversified Trust Co grew its holdings in shares of Etsy by 11.5% in the 2nd quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock valued at $381,000 after acquiring an additional 668 shares in the last quarter. Advisors Asset Management Inc. boosted its position in Etsy by 12.6% during the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after purchasing an additional 16,458 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its stake in Etsy by 740.9% in the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

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.