Stifel Nicolaus Cuts Etsy (NASDAQ:ETSY) Price Target to $51.00

Etsy (NASDAQ:ETSY) had its target price decreased by Stifel Nicolaus from $56.00 to $51.00 in a report released on Thursday morning,Benzinga reports. Stifel Nicolaus currently has a hold rating on the specialty retailer’s stock.

Other analysts have also issued reports about the company. Morgan Stanley dropped their target price on Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a report on Thursday. Moffett Nathanson raised their target price on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Cantor Fitzgerald dropped their target price on Etsy from $46.00 to $43.00 and set a “neutral” rating on the stock in a report on Thursday. Truist Financial dropped their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. Finally, Canaccord Genuity Group dropped their price objective on Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a report on Thursday. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Etsy currently has a consensus rating of “Hold” and a consensus target price of $58.78.

Etsy Stock Down 0.3 %

Shares of NASDAQ:ETSY opened at $51.26 on Thursday. The stock has a market cap of $5.49 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 2.57 and a beta of 2.00. Etsy has a 52-week low of $47.10 and a 52-week high of $74.82. The business has a 50-day moving average price of $54.43 and a 200-day moving average price of $53.78.

Etsy (NASDAQ:ETSY) last posted its 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. The firm had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. Etsy’s revenue for the quarter was up 1.2% compared to the same quarter last year. During the same period last year, the company earned $0.62 earnings per share. As a group, equities analysts anticipate that Etsy will post 2.57 EPS for the current fiscal year.

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

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Monday, February 3rd. The stock was 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 approximately $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently added to or reduced their stakes in the stock. Lindbrook Capital LLC lifted its position in Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after buying an additional 181 shares in the last quarter. Larson Financial Group LLC raised its position in Etsy by 8.7% in the fourth quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock valued at $144,000 after purchasing an additional 218 shares during the period. Blue Trust Inc. raised its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the period. Heron Bay Capital Management raised its position in Etsy by 1.3% in the fourth quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock valued at $1,072,000 after purchasing an additional 258 shares during the period. Finally, Denver PWM LLC raised its position in Etsy by 36.1% in the fourth quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock valued at $58,000 after purchasing an additional 289 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.