Etsy (NASDAQ:ETSY) Price Target Cut to $43.00 by Analysts at Cantor Fitzgerald

Etsy (NASDAQ:ETSY) had its target price cut by Cantor Fitzgerald from $46.00 to $43.00 in a report issued on Thursday morning,Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other reports. Citigroup upped their target price on shares of Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, February 14th. UBS Group dropped their target price on shares of Etsy from $55.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday. Moffett Nathanson upped their target price on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and upped their target price for the company from $45.00 to $55.00 in a report on Monday, January 13th. Finally, Truist Financial dropped their target price on shares of Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $60.08.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $51.40 on Thursday. The company’s 50-day moving average price is $54.58 and its two-hundred day moving average price is $53.81. Etsy has a one year low of $47.10 and a one year high of $78.65. The stock has a market capitalization of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same period in the previous year, the firm posted $0.62 EPS. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. On average, analysts anticipate that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has initiated a share buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in ETSY. Neo Ivy Capital Management acquired a new stake in shares of Etsy during the 4th quarter worth approximately $3,334,000. GTS Securities LLC boosted its position in shares of Etsy by 142.3% during the 4th quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer’s stock worth $776,000 after acquiring an additional 49,333 shares in the last quarter. PharVision Advisers LLC acquired a new stake in shares of Etsy during the 4th quarter worth approximately $283,000. Voloridge Investment Management LLC boosted its position in shares of Etsy by 40.6% during the 4th quarter. Voloridge Investment Management LLC now owns 476,457 shares of the specialty retailer’s stock worth $25,200,000 after acquiring an additional 137,602 shares in the last quarter. Finally, iSAM Funds UK Ltd acquired a new stake in shares of Etsy during the 4th quarter worth approximately $288,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.