Citigroup Lowers Etsy (NASDAQ:ETSY) Price Target to $54.00

Etsy (NASDAQ:ETSYGet Free Report) had its price target decreased by equities research analysts at Citigroup from $65.00 to $54.00 in a research note issued on Thursday, Benzinga reports. The firm currently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s target price points to a potential upside of 4.98% from the company’s previous close.

Several other research firms have also weighed in on ETSY. Stifel Nicolaus dropped their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price target on shares of Etsy in a report on Monday, October 7th. Truist Financial dropped their price target on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a report on Thursday. Oppenheimer cut Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Finally, Wedbush decreased their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Etsy has a consensus rating of “Hold” and a consensus price target of $65.65.

Check Out Our Latest Stock Analysis on Etsy

Etsy Price Performance

NASDAQ ETSY traded up $3.45 during trading hours on Thursday, hitting $51.44. The company had a trading volume of 10,134,917 shares, compared to its average volume of 3,761,371. The firm’s 50 day moving average is $52.70 and its 200 day moving average is $58.30. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The company has a market capitalization of $6.02 billion, a price-to-earnings ratio of 23.49, a P/E/G ratio of 4.85 and a beta of 1.97.

Etsy (NASDAQ:ETSYGet Free Report) last announced 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 company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The business’s quarterly 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 earnings per share. On average, equities analysts anticipate that Etsy will post 2.38 EPS for the current year.

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

Insider Activity

In related news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the sale, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider Toni Thompson Nadal sold 1,443 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction 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. In the last quarter, insiders have sold 4,619 shares of company stock valued at $240,825. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ETSY. Allspring Global Investments Holdings LLC raised its position in Etsy by 68.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,968 shares of the specialty retailer’s stock valued at $754,000 after buying an additional 4,474 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Etsy by 26.2% during the first 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. grew its position in Etsy by 10.3% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,555 shares of the specialty retailer’s stock valued at $313,000 after purchasing an additional 424 shares in the last quarter. Meridian Management Co. increased its stake in Etsy by 1.7% in the 1st quarter. Meridian Management Co. now owns 63,168 shares of the specialty retailer’s stock valued at $4,341,000 after buying an additional 1,026 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S grew its holdings in shares of Etsy by 79.3% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,059 shares of the specialty retailer’s stock valued at $485,000 after acquiring an additional 3,122 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Etsy (NASDAQ:ETSY)

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