Analysts Set Etsy, Inc. (NASDAQ:ETSY) Target Price at $63.17

Etsy, Inc. (NASDAQ:ETSY) has been assigned an average rating of “Hold” from the twenty-five research firms that are covering the firm, MarketBeat reports. Four investment analysts have rated the stock with a sell recommendation, thirteen have given a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $63.17.

Several analysts recently commented on ETSY shares. Stifel Nicolaus decreased their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company lowered their price target on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Truist Financial decreased their target price on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research report on Thursday, October 31st. Wedbush dropped their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Cantor Fitzgerald reiterated a “neutral” rating and issued a $50.00 price objective on shares of Etsy in a research report on Monday, October 7th.

Etsy Price Performance

Shares of Etsy stock opened at $52.89 on Wednesday. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 26.98, a PEG ratio of 6.96 and a beta of 1.99. The firm’s fifty day simple moving average is $54.10 and its 200-day simple moving average is $55.32. Etsy has a 12 month low of $47.10 and a 12 month high of $82.84.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. During the same period in the previous year, the company posted $0.64 earnings per share. Etsy’s quarterly revenue was up 4.1% on a year-over-year basis. Analysts anticipate that Etsy will post 2.25 earnings per share for the current year.

Etsy announced that its board has initiated a share buyback plan on Wednesday, October 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at $30,257.12. This represents a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 4,319 shares of company stock worth $222,025 over the last three months. 2.60% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

Institutional investors and hedge funds have recently made changes to their positions in the business. Blue Trust Inc. increased its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 231 shares during the last quarter. UMB Bank n.a. lifted its holdings in Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 292 shares during the period. Capital Performance Advisors LLP acquired a new position in Etsy during the 3rd quarter valued at about $43,000. Prospera Private Wealth LLC bought a new stake in shares of Etsy during the 3rd quarter worth about $59,000. Finally, Denver PWM LLC acquired a new stake in shares of Etsy in the 2nd quarter worth approximately $82,000. 99.53% of the stock is currently owned by hedge funds and other 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.