Etsy (NASDAQ:ETSY) Price Target Cut to $45.00 by Analysts at Morgan Stanley

Etsy (NASDAQ:ETSY) had its price target reduced by research analysts at Morgan Stanley from $47.00 to $45.00 in a research report issued on Monday,Benzinga reports. The firm presently has an “underweight” rating on the specialty retailer’s stock. Morgan Stanley’s price objective indicates a potential downside of 14.35% from the stock’s current price.

ETSY has been the subject of a number of other reports. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and cut their price objective for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Moffett Nathanson raised their price target on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Truist Financial decreased their price target on shares of Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lifted their price objective on Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research note on Friday, November 1st. Finally, Stifel Nicolaus decreased their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Etsy has a consensus rating of “Hold” and a consensus price target of $62.54.

Etsy Trading Down 0.1 %

Shares of NASDAQ ETSY traded down $0.03 during midday trading on Monday, hitting $52.54. The company’s stock had a trading volume of 598,641 shares, compared to its average volume of 2,797,754. The stock has a fifty day moving average price of $54.79 and a 200 day moving average price of $55.03. The firm has a market capitalization of $5.91 billion, a price-to-earnings ratio of 26.81, a P/E/G ratio of 6.96 and a beta of 1.99. Etsy has a one year low of $47.10 and a one year high of $80.30.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.64 earnings per share. On average, equities research analysts predict that Etsy will post 2.25 earnings per share for the current fiscal year.

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

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total transaction of $39,375.00. Following the sale, the insider now owns 24,371 shares in the company, valued at $1,279,477.50. This represents a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Institutional investors have recently modified their holdings of the business. Harbor Capital Advisors Inc. lifted its stake in Etsy by 1.7% during the 4th quarter. Harbor Capital Advisors Inc. now owns 49,042 shares of the specialty retailer’s stock valued at $2,594,000 after acquiring an additional 816 shares during the period. Versant Capital Management Inc lifted its position in Etsy by 153.1% during the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after purchasing an additional 499 shares during the period. Principal Financial Group Inc. boosted its holdings in Etsy by 313.1% in the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after purchasing an additional 411,165 shares during the last quarter. Teachers Retirement System of The State of Kentucky grew its position in Etsy by 32.0% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 27,911 shares of the specialty retailer’s stock worth $1,550,000 after purchasing an additional 6,766 shares during the period. Finally, Coldstream Capital Management Inc. raised its stake in Etsy by 11.6% during the 3rd quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock valued at $239,000 after buying an additional 448 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.