Morgan Stanley Cuts Etsy (NASDAQ:ETSY) Price Target to $45.00

Etsy (NASDAQ:ETSY) had its price objective lowered by Morgan Stanley from $47.00 to $45.00 in a research report released on Monday morning,Benzinga reports. The brokerage currently has an underweight rating on the specialty retailer’s stock.

Several other equities research analysts have also commented on the stock. Citigroup lowered their price target on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Stifel Nicolaus lowered their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Cantor Fitzgerald reiterated a “neutral” rating and set a $50.00 price target on shares of Etsy in a research report on Monday, October 7th. Barclays lowered their price objective on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Moffett Nathanson raised their price objective on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $62.54.

Etsy Stock Down 0.3 %

Etsy stock opened at $53.27 on Monday. The stock has a 50-day moving average price of $54.82 and a 200 day moving average price of $54.96. The company has a market capitalization of $5.99 billion, a price-to-earnings ratio of 27.18, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99. Etsy has a 52 week low of $47.10 and a 52 week high of $80.30.

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

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

Insider Activity at Etsy

In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Friday, November 1st. The shares were sold at an average price of $52.50, for a total transaction of $39,375.00. Following the sale, the insider now owns 24,371 shares of the company’s stock, valued at $1,279,477.50. The trade was a 2.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.60% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Pacer Advisors Inc. grew its stake 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 acquiring an additional 3,861,668 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Etsy by 21.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after purchasing an additional 850,520 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after purchasing an additional 1,055,296 shares during the last quarter. Finally, AQR Capital Management LLC lifted its position in Etsy by 76.2% during the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after buying an additional 517,480 shares in the last quarter. 99.53% of the stock is 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.