Etsy (NASDAQ:ETSY) Price Target Raised to $47.00

Etsy (NASDAQ:ETSY) had its target price upped by Wells Fargo & Company from $44.00 to $47.00 in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has an underweight rating on the specialty retailer’s stock.

ETSY has been the topic of a number of other research reports. Deutsche Bank Aktiengesellschaft cut shares of Etsy to a “hold” rating and decreased their target price for the stock from $45.00 to $43.00 in a research note on Wednesday, February 12th. Moffett Nathanson boosted their price objective on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and increased their target price for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Bank of America reduced their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Finally, Morgan Stanley dropped their price objective on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Four investment 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 MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $58.78.

Etsy Stock Performance

Etsy stock opened at $51.26 on Thursday. The stock has a fifty day moving average of $54.43 and a 200-day moving average of $53.78. The stock has a market capitalization of $5.49 billion, a P/E ratio of 21.63, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00. Etsy has a 52 week low of $47.10 and a 52 week high of $74.82.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 EPS 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 during the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter in the prior year, the business earned $0.62 earnings per share. The business’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, research analysts forecast that Etsy will post 2.57 earnings per share for the current year.

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

Insiders Place Their Bets

In other Etsy 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 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. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Meritage Portfolio Management increased its stake in Etsy by 152.4% during the 3rd quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after purchasing an additional 159,820 shares in the last quarter. Pacer Advisors Inc. grew its holdings 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 valued at $331,067,000 after buying an additional 3,861,668 shares during the last quarter. Principal Financial Group Inc. increased its position in shares of Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock worth $30,125,000 after acquiring an additional 411,165 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in shares of Etsy by 258.5% in the 3rd quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after acquiring an additional 85,396 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its position in Etsy by 740.9% in the 3rd quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares in the last quarter. 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.