Etsy (NASDAQ:ETSY) Given New $44.00 Price Target at Morgan Stanley

Etsy (NASDAQ:ETSY) had its price objective decreased by analysts at Morgan Stanley from $45.00 to $44.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “underweight” rating on the specialty retailer’s stock. Morgan Stanley’s price target suggests a potential downside of 14.16% from the stock’s previous close.

A number of other research analysts also recently issued reports on ETSY. Citigroup increased their price objective on Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a report on Friday, February 14th. Cantor Fitzgerald reduced their price target on Etsy from $46.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday. Raymond James reduced their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and increased their price target for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Etsy in a research report on Thursday. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Etsy currently has a consensus rating of “Hold” and an average price target of $60.08.

Etsy Stock Performance

NASDAQ:ETSY opened at $51.26 on Thursday. The company has a market cap of $5.77 billion, a PE ratio of 21.63, a PEG ratio of 2.55 and a beta of 2.00. Etsy has a 52-week low of $47.10 and a 52-week high of $74.82. The stock has a 50-day simple moving average of $54.43 and a 200 day simple moving average of $53.78.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. The business had revenue of $852.16 million during 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%. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period last year, the company earned $0.62 earnings per share. On average, research analysts predict that Etsy will post 2.6 earnings per share for the current fiscal year.

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

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of the 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 document filed with the Securities & Exchange Commission, which is accessible through this link. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of large investors have recently made changes to their positions in ETSY. Pacer Advisors Inc. increased its stake in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares during the period. Norges Bank bought a new position in Etsy during the 4th quarter worth $74,235,000. Healthcare of Ontario Pension Plan Trust Fund bought a new position in Etsy during the 3rd quarter worth $55,530,000. Holocene Advisors LP bought a new position in Etsy during the 3rd quarter worth $49,061,000. Finally, Assenagon Asset Management S.A. increased its stake in Etsy by 132.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after acquiring an additional 850,520 shares during the period. 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.