Morgan Stanley Cuts Etsy (NASDAQ:ETSY) Price Target to $44.00

Etsy (NASDAQ:ETSY) had its price objective lowered by Morgan Stanley from $45.00 to $44.00 in a report released on Thursday,Benzinga reports. The firm currently has an underweight rating on the specialty retailer’s stock.

Other equities analysts have also issued research reports about the stock. Raymond James dropped their price objective on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Stifel Nicolaus cut their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Etsy in a research report on Thursday. JMP Securities reaffirmed a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Finally, UBS Group reduced their price objective on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday. Four investment analysts have rated the stock with a sell rating, fourteen have issued 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, the stock presently has an average rating of “Hold” and a consensus target price of $58.78.

Etsy Trading Down 0.3 %

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

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. Etsy had a net margin of 10.80% and a negative return on equity of 46.62%. The business had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same quarter last year, the firm earned $0.62 earnings per share. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. Equities research analysts predict that Etsy will post 2.57 EPS for the current fiscal year.

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

Insider Buying and Selling at Etsy

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

Institutional Investors Weigh In On Etsy

Large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. boosted its stake 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 buying an additional 231 shares in the last quarter. Lindbrook Capital LLC grew its holdings in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the last quarter. True Wealth Design LLC raised its position in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after purchasing an additional 292 shares during the period. Hurley Capital LLC bought a new stake in Etsy in the fourth quarter worth $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Etsy during the fourth quarter valued at about $34,000. Hedge funds and other institutional investors 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.