Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Moffett Nathanson Analyst Says

Etsy (NASDAQ:ETSY) had its price target boosted by equities research analysts at Moffett Nathanson from $60.00 to $61.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Moffett Nathanson’s price target suggests a potential upside of 12.17% from the company’s previous close.

A number of other equities research analysts have also commented on the company. Wells Fargo & Company decreased their price target on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. 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. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $70.00 to $45.00 in a research report on Tuesday, October 15th. Raymond James reduced their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Finally, Piper Sandler reiterated a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus price target of $64.71.

Etsy Trading Down 2.3 %

ETSY stock traded down $1.30 during trading on Tuesday, hitting $54.38. The company had a trading volume of 352,697 shares, compared to its average volume of 3,742,392. The company has a fifty day moving average price of $52.00 and a two-hundred day moving average price of $56.54. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The company has a market cap of $6.12 billion, a P/E ratio of 27.74, a P/E/G ratio of 6.17 and a beta of 1.99.

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

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

Insider Buying and Selling

In other news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total value of $39,375.00. Following the completion of the sale, the insider now directly owns 24,371 shares in the company, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction that occurred 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 have sold 5,819 shares of company stock valued at $303,438. 2.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently added to or reduced their stakes in the stock. Meritage Portfolio Management raised its position in Etsy by 152.4% during the 3rd quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock worth $14,698,000 after purchasing an additional 159,820 shares during the last quarter. Everence Capital Management Inc. acquired a new position in shares of Etsy in the third quarter worth approximately $834,000. Pacer Advisors Inc. increased its position in Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the period. Principal Financial Group Inc. increased its position in Etsy by 313.1% during the 3rd quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after purchasing an additional 411,165 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in Etsy by 258.5% during the 3rd quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after purchasing an additional 85,396 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.