Etsy (NASDAQ:ETSY) Price Target Cut to $45.00 by Analysts at Morgan Stanley

Etsy (NASDAQ:ETSY - Free Report) had its price target lowered by Morgan Stanley from $47.00 to $45.00 in a research note released on Monday,Benzinga reports. Morgan Stanley currently has an underweight rating on the specialty retailer's stock.

Several other equities research analysts also recently weighed in on the stock. Truist Financial dropped their target price on shares of Etsy from $76.00 to $70.00 and set a "buy" rating for the company in a research report on Thursday, October 31st. Jefferies Financial Group raised shares of Etsy from an "underperform" rating to a "hold" rating and lifted their price target for the company from $45.00 to $55.00 in a report on Monday. JMP Securities reiterated a "market perform" rating on shares of Etsy in a research report on Monday, December 16th. Barclays lowered their price objective on Etsy from $60.00 to $55.00 and set an "equal weight" rating for the company in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on shares of Etsy from $48.00 to $50.00 and gave the company a "hold" rating in a report on Friday, November 1st. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $62.54.

Etsy Price Performance

NASDAQ ETSY traded up $0.88 during mid-day trading on Monday, hitting $53.45. The company's stock had a trading volume of 2,440,939 shares, compared to its average volume of 3,070,126. The stock's fifty day simple moving average is $54.79 and its two-hundred day simple moving average is $55.03. Etsy has a 52-week low of $47.10 and a 52-week high of $80.30. The firm has a market capitalization of $6.01 billion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99.

Etsy (NASDAQ:ETSY - Get Free Report) last announced its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $662.40 million during the quarter, compared to analysts' expectations of $652.47 million. During the same quarter last year, the company posted $0.64 earnings per share. Etsy's revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities analysts forecast that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's board believes its stock is undervalued.

Insider Buying and Selling 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 stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the completion of the sale, the insider now directly 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 2.60% of the company's stock.

Institutional Trading of Etsy

A number of large investors have recently modified their holdings of the company. Blue Trust Inc. grew its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock worth $26,000 after acquiring an additional 231 shares during the period. UMB Bank n.a. grew its holdings in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock worth $31,000 after purchasing an additional 292 shares during the period. American Century Companies Inc. increased its position in shares of Etsy by 3.0% during the 2nd quarter. American Century Companies Inc. now owns 12,519 shares of the specialty retailer's stock worth $738,000 after purchasing an additional 367 shares during the last quarter. Coldstream Capital Management Inc. raised its holdings in Etsy by 11.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer's stock valued at $239,000 after buying an additional 448 shares during the period. Finally, Versant Capital Management Inc boosted its stake in Etsy by 153.1% during the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer's stock worth $44,000 after buying an additional 499 shares during the period. Hedge funds and other institutional investors own 99.53% of the company's stock.

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.