Deutsche Bank Aktiengesellschaft Forecasts Strong Price Appreciation for Etsy (NASDAQ:ETSY) Stock

Etsy (NASDAQ:ETSY) had its price objective hoisted by Deutsche Bank Aktiengesellschaft from $48.00 to $50.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a hold rating on the specialty retailer’s stock.

Several other analysts also recently issued reports on ETSY. Wells Fargo & Company cut their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday. Wedbush cut their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Loop Capital cut their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a report on Monday, August 12th. Piper Sandler restated a “neutral” rating and set a $56.00 price objective on shares of Etsy in a report on Friday, August 23rd. Finally, Barclays dropped their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $64.87.

Etsy Stock Performance

NASDAQ ETSY traded up $1.33 on Friday, reaching $52.77. The company’s stock had a trading volume of 5,217,180 shares, compared to its average volume of 3,769,234. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58. The stock has a market cap of $6.06 billion, a PE ratio of 26.92, a PEG ratio of 5.39 and a beta of 1.97. The firm’s 50 day moving average is $52.60 and its two-hundred day moving average is $58.15.

Etsy (NASDAQ:ETSY) last issued 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). Etsy had a net margin of 9.17% and a negative return on equity of 47.52%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same period in the previous year, the company posted $0.64 earnings per share. Etsy’s revenue was up 4.1% compared to the same quarter last year. Equities research analysts anticipate that Etsy will post 2.37 EPS for the current fiscal 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.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the 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 in the company, valued at $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,619 shares of company stock worth $240,825. 2.60% of the stock is owned by corporate insiders.

Institutional Trading of Etsy

A number of hedge funds and other institutional investors have recently made changes to their positions in ETSY. Assetmark Inc. boosted its holdings in Etsy by 9.0% in the third quarter. Assetmark Inc. now owns 24,411 shares of the specialty retailer’s stock valued at $1,356,000 after acquiring an additional 2,025 shares during the last quarter. Applied Finance Capital Management LLC bought a new position in Etsy in the third quarter valued at about $1,289,000. Capital Performance Advisors LLP bought a new position in Etsy in the third quarter valued at about $43,000. Olympiad Research LP bought a new position in Etsy in the third quarter valued at about $364,000. Finally, Principal Financial Group Inc. boosted its holdings in Etsy by 313.1% in the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after acquiring an additional 411,165 shares during the last quarter. 99.53% of the stock is currently 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.