Barclays Cuts Etsy (NASDAQ:ETSY) Price Target to $55.00

Etsy (NASDAQ:ETSY) had its price target lowered by research analysts at Barclays from $60.00 to $55.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “equal weight” rating on the specialty retailer’s stock. Barclays‘s target price points to a potential upside of 4.23% from the company’s previous close.

Other equities analysts also recently issued reports about the company. Wells Fargo & Company lowered their price objective on Etsy from $58.00 to $47.00 and set an “underweight” rating for the company in a research report on Thursday, October 3rd. Loop Capital lowered their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a report on Monday, August 12th. Wolfe Research initiated coverage on shares of Etsy in a report on Tuesday, July 16th. They issued a “peer perform” rating on the stock. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Etsy in a research note on Thursday. Finally, Truist Financial reissued a “buy” rating and issued a $76.00 target price on shares of Etsy in a report on Tuesday, September 24th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Etsy currently has an average rating of “Hold” and a consensus target price of $64.87.

Etsy Stock Performance

Shares of ETSY stock opened at $52.77 on Thursday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The company has a 50 day moving average price of $52.60 and a 200 day moving average price of $58.15. The stock has a market capitalization of $6.06 billion, a P/E ratio of 26.92, a price-to-earnings-growth ratio of 5.39 and a beta of 1.97.

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

Etsy declared that its board has approved a share repurchase 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 usually an indication that the company’s board believes its stock is undervalued.

Insider Activity

In related news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their position. 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. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Blue Trust Inc. raised its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares in the last quarter. Sheaff Brock Investment Advisors LLC boosted its holdings in Etsy by 7.0% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock worth $251,000 after buying an additional 240 shares in the last quarter. Meridian Management Co. grew its position in Etsy by 0.4% during the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after buying an additional 241 shares during the period. GAMMA Investing LLC increased its holdings in Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock valued at $73,000 after buying an additional 253 shares in the last quarter. Finally, UMB Bank n.a. lifted its position in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 292 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.