Citigroup Lowers Etsy (NASDAQ:ETSY) Price Target to $53.00

Etsy (NASDAQ:ETSY) had its price target reduced by research analysts at Citigroup from $56.00 to $53.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price objective suggests a potential upside of 3.39% from the stock’s previous close.

Several other equities analysts also recently commented on the company. UBS Group dropped their target price on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday. Loop Capital dropped their price objective on shares of Etsy from $45.00 to $40.00 and set a “sell” rating for the company in a report on Thursday. Bank of America decreased their price target 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. Needham & Company LLC reiterated a “buy” rating and set a $60.00 price target on shares of Etsy in a report on Thursday. Finally, Deutsche Bank Aktiengesellschaft downgraded Etsy to a “hold” rating and decreased their price objective for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Four research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $60.08.

Etsy Trading Down 0.3 %

Shares of Etsy stock opened at $51.26 on Thursday. The firm’s 50 day moving average is $54.43 and its 200 day moving average is $53.78. The firm has a market capitalization of $5.77 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 2.55 and a beta of 2.00. Etsy has a 1 year low of $47.10 and a 1 year high of $74.82.

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

Etsy announced that its Board of Directors has approved a share buyback plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction on 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 sale, 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 position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Neo Ivy Capital Management bought a new position in Etsy in the 4th quarter valued at about $3,334,000. GTS Securities LLC raised its stake in shares of Etsy by 142.3% in the fourth quarter. GTS Securities LLC now owns 14,667 shares of the specialty retailer’s stock worth $776,000 after purchasing an additional 49,333 shares during the last quarter. PharVision Advisers LLC bought a new position in shares of Etsy in the fourth quarter valued at approximately $283,000. Voloridge Investment Management LLC boosted its position in shares of Etsy by 40.6% during the fourth quarter. Voloridge Investment Management LLC now owns 476,457 shares of the specialty retailer’s stock valued at $25,200,000 after buying an additional 137,602 shares during the last quarter. Finally, iSAM Funds UK Ltd bought a new stake in Etsy during the fourth quarter worth $288,000. 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.