Etsy (NASDAQ:ETSY) Price Target Cut to $54.00 by Analysts at UBS Group

Etsy (NASDAQ:ETSY) had its target price dropped by stock analysts at UBS Group from $55.00 to $54.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. UBS Group’s price objective would indicate a potential upside of 5.35% from the stock’s previous close.

ETSY has been the topic of a number of other research reports. Wells Fargo & Company increased their price target on Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a research note on Thursday. Stifel Nicolaus lowered their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Needham & Company LLC restated a “buy” rating and issued a $60.00 price objective on shares of Etsy in a research report on Thursday. JMP Securities restated a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Finally, Bank of America lowered their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Four research analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $60.08.

Etsy Stock Down 0.3 %

ETSY stock opened at $51.26 on Thursday. The business’s fifty day moving average is $54.43 and its 200-day moving average is $53.78. The company has a market cap of $5.77 billion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 2.55 and a beta of 2.00. Etsy has a twelve month low of $47.10 and a twelve month high of $74.82.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.62 EPS. Research analysts anticipate that Etsy will post 2.6 earnings per share for the current fiscal year.

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

Insider Transactions at Etsy

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

Institutional Investors Weigh In On Etsy

Several hedge funds have recently bought and sold shares of ETSY. Pacer Advisors Inc. lifted its stake in 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 purchasing an additional 3,861,668 shares during the last quarter. Norges Bank acquired a new stake in Etsy in the 4th quarter valued at about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Etsy in the 3rd quarter valued at about $55,530,000. Holocene Advisors LP acquired a new stake in Etsy in the 3rd quarter valued at about $49,061,000. Finally, Assenagon Asset Management S.A. lifted its stake in Etsy by 132.9% in the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after purchasing an additional 850,520 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.