Etsy (NASDAQ:ETSY) Given New $67.00 Price Target at Truist Financial

Etsy (NASDAQ:ETSY) had its price objective reduced by Truist Financial from $70.00 to $67.00 in a research note released on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the specialty retailer’s stock.

A number of other analysts have also issued reports on ETSY. Raymond James cut their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Barclays reduced their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wells Fargo & Company dropped their price target on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Citigroup reduced their price objective on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Finally, Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and boosted their target price for the stock from $45.00 to $55.00 in a research note on Monday, January 13th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Etsy presently has an average rating of “Hold” and an average target price of $62.42.

Etsy Stock Performance

NASDAQ:ETSY opened at $55.05 on Wednesday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $80.30. The company has a 50 day moving average price of $55.07 and a 200 day moving average price of $54.62. The stock has a market capitalization of $6.19 billion, a P/E ratio of 28.09, a PEG ratio of 2.55 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data 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). The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 earnings per share. Research analysts forecast that Etsy will post 2.26 earnings per share for the current fiscal year.

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

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction 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 directly owns 24,371 shares in the company, valued at $1,279,477.50. This trade represents a 2.99 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Meritage Portfolio Management lifted its position in Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after purchasing an additional 159,820 shares during the period. Everence Capital Management Inc. purchased a new position in shares of Etsy during the 3rd quarter worth approximately $834,000. Pacer Advisors Inc. lifted its holdings 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 valued at $331,067,000 after buying an additional 3,861,668 shares during the period. Principal Financial Group Inc. boosted its stake in shares of 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 buying an additional 411,165 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its holdings in Etsy by 258.5% during the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after acquiring an additional 85,396 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.