Barclays Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target reduced by research analysts at Barclays from $60.00 to $55.00 in a research note issued on Thursday, Benzinga reports. The firm presently has an “equal weight” rating on the specialty retailer’s stock. Barclays‘s price objective would indicate a potential upside of 4.23% from the company’s previous close.

A number of other equities research analysts also recently commented on ETSY. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 target price on shares of Etsy in a report on Monday, October 7th. Wells Fargo & Company dropped their price objective on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a report on Thursday, October 3rd. Piper Sandler restated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. Raymond James lowered their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Finally, Needham & Company LLC reiterated a “buy” rating and set a $60.00 price objective on shares of Etsy in a research note on Thursday. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $64.87.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $52.77 on Thursday. The business’s 50-day moving average is $52.60 and its 200 day moving average is $58.15. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58. The firm has a market capitalization of $6.06 billion, a P/E ratio of 26.92, a P/E/G ratio of 5.39 and a beta of 1.97.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) 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 47.52%. The company had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the company earned $0.64 EPS. The business’s revenue was up 4.1% compared to the same quarter last year. On average, analysts expect that Etsy will post 2.37 EPS for the current year.

Etsy announced that its board has approved a share buyback plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Merilee Buckley sold 1,676 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 transaction of $85,660.36. The disclosure for this sale can be found here. Insiders sold a total of 4,619 shares of company stock worth $240,825 in the last three months. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Blue Trust Inc. grew its holdings in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the period. UMB Bank n.a. increased its position in shares of Etsy by 112.3% during the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 292 shares during the last quarter. Larson Financial Group LLC raised its stake in shares of Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after acquiring an additional 536 shares during the period. 1620 Investment Advisors Inc. acquired a new position in shares of Etsy in the 2nd quarter worth approximately $42,000. Finally, Capital Performance Advisors LLP purchased a new position in shares of Etsy during the 3rd quarter worth approximately $43,000. 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.