Moffett Nathanson Boosts Etsy (NASDAQ:ETSY) Price Target to $61.00

Etsy (NASDAQ:ETSY) had its price target raised by analysts at Moffett Nathanson from $60.00 to $61.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a “neutral” rating on the specialty retailer’s stock. Moffett Nathanson’s price objective suggests a potential upside of 12.32% from the stock’s current price.

Several other analysts also recently issued reports on ETSY. The Goldman Sachs Group downgraded shares of Etsy from a “neutral” rating to a “sell” rating and reduced their price target for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. UBS Group reduced their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 price target on shares of Etsy in a research report on Monday, October 7th. Citigroup reduced their price target on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday, October 31st. Finally, Bank of America reduced their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $64.71.

Etsy Stock Performance

ETSY stock opened at $54.31 on Tuesday. The company’s 50-day simple moving average is $52.01 and its 200 day simple moving average is $56.49. Etsy has a 52 week low of $47.10 and a 52 week high of $89.58. The company has a market capitalization of $6.11 billion, a PE ratio of 27.71, a price-to-earnings-growth ratio of 6.57 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released its quarterly 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the company posted $0.64 earnings per share. The company’s revenue was up 4.1% on a year-over-year basis. On average, analysts forecast that Etsy will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has authorized a stock buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of the company’s stock in a transaction that occurred 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 at this link. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This represents a 3.98 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,819 shares of company stock worth $303,438. 2.60% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew 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 purchasing an additional 231 shares during the period. Meridian Management Co. grew its stake in Etsy by 0.4% in the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after purchasing an additional 241 shares during the period. GAMMA Investing LLC grew its stake in Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares during the period. UMB Bank n.a. grew its stake in Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 292 shares during the period. Finally, Nisa Investment Advisors LLC grew its stake in Etsy by 3.7% in the second quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock worth $526,000 after purchasing an additional 316 shares during the period. 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.