Etsy (NASDAQ:ETSY) Given New $70.00 Price Target at Truist Financial

Etsy (NASDAQ:ETSY) had its price objective lowered by Truist Financial from $76.00 to $70.00 in a research report sent to investors on Thursday morning, Benzinga reports. The brokerage currently has a buy rating on the specialty retailer’s stock.

Several other research analysts also recently commented on the company. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Etsy in a report on Thursday. UBS Group cut their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 15th. Bank of America cut their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Oppenheimer lowered shares of Etsy from an “outperform” rating to a “market perform” rating in a report on Thursday, August 1st. Finally, The Goldman Sachs Group downgraded shares of Etsy from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Etsy has an average rating of “Hold” and a consensus price target of $65.65.

Etsy Price Performance

ETSY stock traded up $1.30 during mid-day trading on Thursday, reaching $52.74. 1,925,155 shares of the company’s stock were exchanged, compared to its average volume of 3,753,712. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97. Etsy has a 12-month low of $47.10 and a 12-month high of $89.58. The stock’s 50 day moving average is $52.70 and its 200 day moving average is $58.30.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. During the same period in the prior year, the firm earned $0.64 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, research analysts forecast that Etsy will post 2.37 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has authorized a share buyback plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In related news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now directly owns 592 shares in the company, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Nicholas Daniel sold 750 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,619 shares of company stock worth $240,825. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of hedge funds and other institutional investors have recently made changes to their positions in ETSY. Marshall Wace LLP grew its holdings in Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after buying an additional 1,055,296 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Etsy by 21.1% in the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the period. Van ECK Associates Corp raised its holdings in Etsy by 14.3% in the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock valued at $339,964,000 after buying an additional 721,454 shares during the period. Pacer Advisors Inc. increased its position in shares of Etsy by 52.3% in the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after acquiring an additional 721,453 shares in the last quarter. Finally, AQR Capital Management LLC raised its stake in shares of Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock valued at $69,685,000 after acquiring an additional 517,480 shares during the period. Hedge funds and other institutional investors 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.