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

Etsy (NASDAQ:ETSY) had its price target cut by Loop Capital from $45.00 to $40.00 in a report released on Thursday,Benzinga reports. They currently have a sell rating on the specialty retailer’s stock.

Other analysts have also issued reports about the company. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and lifted their target price for the stock from $45.00 to $55.00 in a research report on Monday, January 13th. Raymond James dropped their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 target price on shares of Etsy in a research report on Thursday. Finally, Stifel Nicolaus lowered their price objective on Etsy from $56.00 to $51.00 and set a “hold” rating for the company in a report on Thursday. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus price target of $58.78.

Etsy Price Performance

Shares of ETSY opened at $51.26 on Thursday. The stock’s 50-day moving average is $54.43 and its two-hundred day moving average is $53.78. The stock has a market cap of $5.49 billion, a PE ratio of 21.63, a P/E/G ratio of 2.57 and a beta of 2.00. Etsy has a 12 month low of $47.10 and a 12 month high of $74.82.

Etsy (NASDAQ:ETSY) last announced its 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 46.62% and a net margin of 10.80%. The business had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same period in the previous year, the company earned $0.62 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. On average, research analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Etsy declared that its board has approved a stock buyback plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently made changes to their positions in ETSY. Pacer Advisors Inc. boosted its position in shares of Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after buying an additional 3,861,668 shares during the period. Norges Bank acquired a new position in shares of Etsy during the fourth quarter worth approximately $74,235,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Etsy during the third quarter worth approximately $55,530,000. Holocene Advisors LP acquired a new position in shares of Etsy during the third quarter worth approximately $49,061,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after buying an additional 850,520 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.