Deutsche Bank Aktiengesellschaft Forecasts Strong Price Appreciation for Etsy (NASDAQ:ETSY) Stock

Etsy (NASDAQ:ETSY) had its price objective raised by equities researchers at Deutsche Bank Aktiengesellschaft from $48.00 to $50.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has a “hold” rating on the specialty retailer’s stock. Deutsche Bank Aktiengesellschaft’s price target indicates a potential downside of 5.25% from the company’s current price.

A number of other research firms have also commented on ETSY. UBS Group reduced their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Bank of America cut their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Raymond James lowered their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research report on Wednesday, October 23rd. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and cut their target price for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $56.00 target price on shares of Etsy in a report on Friday, August 23rd. Four investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $64.87.

Etsy Stock Up 2.6 %

NASDAQ ETSY opened at $52.77 on Friday. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 5.39 and a beta of 1.97. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58. The stock has a fifty day simple moving average of $52.60 and a 200 day simple moving average of $58.15.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. The company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. During the same quarter last year, the business earned $0.64 earnings per share. Etsy’s revenue was up 4.1% compared to the same quarter last year. Research analysts expect that Etsy will post 2.37 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has approved a stock 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 stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the transaction, the insider now owns 25,121 shares in the company, valued at approximately $1,335,181.15. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders sold 4,619 shares of company stock valued at $240,825. 2.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Everence Capital Management Inc. purchased a new stake in Etsy during the third quarter valued at about $834,000. TD Asset Management Inc lifted its stake in shares of Etsy by 16.8% during the 1st quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after buying an additional 221,275 shares in the last quarter. Diversified Trust Co boosted its holdings in Etsy by 11.5% in the 2nd quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after buying an additional 668 shares during the period. Advisors Asset Management Inc. grew its stake in Etsy by 12.6% in the 1st quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock valued at $10,093,000 after buying an additional 16,458 shares in the last quarter. Finally, Louisiana State Employees Retirement System raised its holdings in Etsy by 740.9% during 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 during the period. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.