Etsy (NASDAQ:ETSY) Price Target Cut to $67.00 by Analysts at Truist Financial

Etsy (NASDAQ:ETSY - Get Free Report) had its price target cut by analysts at Truist Financial from $70.00 to $67.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the specialty retailer's stock. Truist Financial's price objective suggests a potential upside of 21.71% from the stock's previous close.

Several other research analysts have also recently issued reports on the stock. Wedbush decreased their price objective on shares of Etsy from $65.00 to $58.00 and set a "neutral" rating for the company in a report on Tuesday, October 22nd. Moffett Nathanson upped their price objective on shares of Etsy from $60.00 to $61.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Stifel Nicolaus decreased their target price on Etsy from $64.00 to $56.00 and set a "hold" rating for the company in a research report on Monday, October 28th. Barclays dropped their price objective on shares of Etsy from $60.00 to $55.00 and set an "equal weight" rating on the stock in a research note on Thursday, October 31st. Finally, Cantor Fitzgerald reissued a "neutral" rating and issued a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $62.42.

Etsy Trading Down 1.3 %

NASDAQ ETSY traded down $0.74 during mid-day trading on Wednesday, reaching $55.05. 1,748,990 shares of the company's stock traded hands, compared to its average volume of 2,892,260. The company has a market cap of $6.19 billion, a price-to-earnings ratio of 28.09, a P/E/G ratio of 2.55 and a beta of 1.99. The company has a fifty day simple moving average of $54.99 and a 200-day simple moving average of $54.62. Etsy has a 1-year low of $47.10 and a 1-year high of $80.30.

Etsy (NASDAQ:ETSY - Get Free Report) last posted its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same period last year, the company posted $0.64 earnings per share. Equities research analysts forecast that Etsy will post 2.26 earnings per share for the current fiscal year.

Etsy announced that its board has authorized a stock repurchase program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the firm's stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the transaction, the insider now owns 24,371 shares of the company's stock, valued at approximately $1,279,477.50. This trade represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently made changes to their positions in ETSY. Pacer Advisors Inc. grew its stake in shares of Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer's stock worth $331,067,000 after buying an additional 3,861,668 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Etsy during the 3rd quarter worth $55,530,000. Holocene Advisors LP bought a new stake in shares of Etsy in the third quarter valued at about $49,061,000. Assenagon Asset Management S.A. lifted its position in shares of Etsy by 132.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer's stock worth $78,827,000 after purchasing an additional 850,520 shares during the period. Finally, Van ECK Associates Corp increased its holdings in shares of Etsy by 17.4% in the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer's stock valued at $186,583,000 after acquiring an additional 522,111 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.