Truist Financial Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price objective cut by Truist Financial from $76.00 to $70.00 in a report published on Thursday morning, Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

Several other brokerages also recently weighed in on ETSY. Wedbush cut their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. UBS Group decreased their target price on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Oppenheimer lowered Etsy from an “outperform” rating to a “market perform” rating in a research report on Thursday, August 1st. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price target on shares of Etsy in a research note on Thursday. Finally, Stifel Nicolaus reduced their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research note on Monday. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $65.65.

Etsy Stock Performance

Shares of Etsy stock traded up $1.30 during trading on Thursday, reaching $52.74. The company had a trading volume of 1,925,155 shares, compared to its average volume of 3,753,712. The company has a market cap of $6.05 billion, a price-to-earnings ratio of 26.63, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The firm’s fifty day moving average is $52.70 and its 200-day moving average is $58.30.

Etsy (NASDAQ:ETSY) last issued its earnings results 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 firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. Etsy’s revenue was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 EPS. On average, research analysts anticipate that Etsy will post 2.37 EPS for the current fiscal year.

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

Insider Activity

In related news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Toni Thompson Nadal sold 1,443 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 $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 4,619 shares of company stock worth $240,825. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC increased its position in Etsy by 68.9% in the first quarter. Allspring Global Investments Holdings LLC now owns 10,968 shares of the specialty retailer’s stock worth $754,000 after purchasing an additional 4,474 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of Etsy by 26.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 11,078 shares of the specialty retailer’s stock worth $761,000 after purchasing an additional 2,299 shares during the last quarter. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Etsy by 10.3% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,555 shares of the specialty retailer’s stock valued at $313,000 after acquiring an additional 424 shares during the last quarter. Meridian Management Co. boosted its stake in Etsy by 1.7% during the 1st quarter. Meridian Management Co. now owns 63,168 shares of the specialty retailer’s stock worth $4,341,000 after acquiring an additional 1,026 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in Etsy by 79.3% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,059 shares of the specialty retailer’s stock valued at $485,000 after purchasing an additional 3,122 shares during the period. Institutional investors and hedge funds 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.