Morgan Stanley Lowers Etsy (NASDAQ:ETSY) Price Target to $40.00

Etsy (NASDAQ:ETSY) had its price target lowered by Morgan Stanley from $44.00 to $40.00 in a research note released on Thursday,Benzinga reports. The firm currently has an underweight rating on the specialty retailer’s stock.

A number of other analysts have also recently issued reports on the company. Truist Financial dropped their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a report on Wednesday, January 29th. UBS Group lowered their price target on shares of Etsy from $54.00 to $46.00 and set a “neutral” rating on the stock in a report on Friday, April 11th. Piper Sandler reduced their price objective on shares of Etsy from $52.00 to $40.00 and set a “neutral” rating for the company in a research note on Friday, April 11th. Wells Fargo & Company lowered their target price on shares of Etsy from $47.00 to $46.00 and set an “underweight” rating on the stock in a research note on Wednesday, April 2nd. Finally, Bank of America reduced their price target on shares of Etsy from $55.00 to $50.00 and set a “neutral” rating for the company in a research report on Tuesday, April 8th. Four equities research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $56.42.

Etsy Stock Up 3.8 %

Shares of NASDAQ:ETSY opened at $44.15 on Thursday. The firm has a market capitalization of $4.73 billion, a PE ratio of 18.63, a P/E/G ratio of 2.57 and a beta of 2.15. The company has a 50-day moving average price of $47.87 and a two-hundred day moving average price of $51.57. Etsy has a twelve month low of $40.05 and a twelve month high of $71.72.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 EPS for the quarter, topping the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The company had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same period last year, the firm earned $0.62 EPS. Etsy’s revenue for the quarter was up 1.2% on a year-over-year basis. Analysts anticipate that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Toni Thompson Nadal sold 1,444 shares of the business’s stock in a transaction dated Thursday, April 3rd. The stock was sold at an average price of $48.30, for a total value of $69,745.20. Following the completion of the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $28,593.60. The trade was a 70.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 50,952 shares of company stock valued at $2,554,620. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Lindbrook Capital LLC increased its position in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares during the period. True Wealth Design LLC grew its stake in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC purchased a new position in Etsy during the 4th quarter valued at about $32,000. Strategic Investment Solutions Inc. IL bought a new position in Etsy during the 4th quarter valued at approximately $34,000. Finally, Summit Securities Group LLC purchased a new stake in Etsy in the 4th quarter worth approximately $37,000. 99.53% of the stock is currently owned by institutional investors.

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.