Truist Financial Cuts Etsy (NASDAQ:ETSY) Price Target to $67.00

Etsy (NASDAQ:ETSY) had its price objective lowered by Truist Financial from $70.00 to $67.00 in a report released on Wednesday morning,Benzinga reports. Truist Financial currently has a buy rating on the specialty retailer’s stock.

A number of other equities analysts have also commented on ETSY. Moffett Nathanson boosted their price target on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Morgan Stanley lowered their target price on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Wedbush lowered their target price on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Wells Fargo & Company cut their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Finally, Barclays dropped their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Four equities research 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, Etsy presently has an average rating of “Hold” and an average target price of $62.42.

Etsy Trading Down 2.1 %

ETSY stock opened at $54.91 on Wednesday. The firm has a 50-day moving average of $55.21 and a two-hundred day moving average of $54.59. Etsy has a one year low of $47.10 and a one year high of $80.30. The firm has a market capitalization of $6.18 billion, a PE ratio of 28.02, a P/E/G ratio of 2.69 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the firm posted $0.64 earnings per share. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. On average, equities research analysts anticipate that Etsy will post 2.25 earnings per share for the current year.

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

Hedge Funds Weigh In On Etsy

Several hedge funds have recently bought and sold shares of the company. Blue Trust Inc. boosted its holdings in shares of 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 purchasing an additional 231 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after purchasing an additional 292 shares in the last quarter. American Century Companies Inc. lifted its stake in Etsy by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 12,519 shares of the specialty retailer’s stock valued at $738,000 after purchasing an additional 367 shares during the last quarter. Gagnon Securities LLC boosted its position in Etsy by 7.9% in the fourth quarter. Gagnon Securities LLC now owns 5,148 shares of the specialty retailer’s stock valued at $272,000 after buying an additional 376 shares in the last quarter. Finally, Coldstream Capital Management Inc. increased its holdings in shares of Etsy by 11.6% during the third quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock worth $239,000 after buying an additional 448 shares in the last quarter. 99.53% of the stock is owned by 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.