Etsy (NASDAQ:ETSY) Price Target Lowered to $40.00 at Loop Capital

Etsy (NASDAQ:ETSY) had its price objective reduced by stock analysts at Loop Capital from $45.00 to $40.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the specialty retailer’s stock. Loop Capital’s price objective would indicate a potential downside of 21.17% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday. Canaccord Genuity Group dropped their price objective on Etsy from $105.00 to $76.00 and set a “buy” rating on the stock in a research report on Thursday. Moffett Nathanson raised their price objective on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Finally, Morgan Stanley dropped their price objective on Etsy from $45.00 to $44.00 and set an “underweight” rating on the stock in a research report on Thursday. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $60.21.

Etsy Trading Down 1.5 %

Shares of ETSY traded down $0.79 during midday trading on Thursday, reaching $50.74. 3,023,042 shares of the stock were exchanged, compared to its average volume of 3,249,858. Etsy has a 52 week low of $47.10 and a 52 week high of $78.65. The company’s 50 day moving average is $54.73 and its two-hundred day moving average is $53.83. The company has a market capitalization of $5.71 billion, a P/E ratio of 25.91, a PEG ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The business had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. During the same quarter in the prior year, the company earned $0.62 EPS. The business’s revenue was up 1.2% compared to the same quarter last year. On average, sell-side analysts expect that Etsy will post 2.25 EPS for the current year.

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

Insider Buying and Selling at Etsy

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction 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 completion of the sale, the insider now directly owns 22,198 shares in the company, valued at $1,228,437.32. This represents a 6.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by company insiders.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently bought and sold shares of ETSY. Blue Trust Inc. raised its holdings in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the period. Lindbrook Capital LLC increased its stake in Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 181 shares during the period. True Wealth Design LLC increased its stake in Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after purchasing an additional 292 shares during the period. Hurley Capital LLC purchased a new stake in Etsy during the fourth quarter worth about $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Etsy during the fourth quarter worth about $34,000. 99.53% of the stock is currently 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.