Morgan Stanley Cuts Etsy (NASDAQ:ETSY) Price Target to $38.00

Etsy (NASDAQ:ETSY) had its price target cut by Morgan Stanley from $40.00 to $38.00 in a report released on Thursday,Benzinga reports. They currently have an underweight rating on the specialty retailer’s stock.

Several other research analysts have also issued reports on the company. Cantor Fitzgerald raised their price objective on Etsy from $42.00 to $47.00 and gave the company a “neutral” rating in a research note on Thursday. Citigroup decreased their price target on shares of Etsy from $53.00 to $48.00 and set a “neutral” rating for the company in a research note on Friday, April 25th. Piper Sandler dropped their price objective on shares of Etsy from $52.00 to $40.00 and set a “neutral” rating on the stock in a research note on Friday, April 11th. JPMorgan Chase & Co. lowered their target price on shares of Etsy from $50.00 to $42.00 and set a “neutral” rating on the stock in a report on Tuesday, April 8th. Finally, Deutsche Bank Aktiengesellschaft set a $40.00 price target on Etsy and gave the company a “hold” rating in a research note on Monday, April 14th. Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $50.14.

Etsy Stock Performance

Etsy stock opened at $44.30 on Thursday. The stock has a market capitalization of $4.62 billion, a price-to-earnings ratio of 18.69, a PEG ratio of 2.57 and a beta of 1.78. Etsy has a 52-week low of $40.05 and a 52-week high of $66.93. The stock’s 50 day moving average price is $45.88 and its two-hundred day moving average price is $51.10.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.04). Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The company had revenue of $651.18 million during the quarter, compared to analyst estimates of $642.22 million. During the same quarter in the previous year, the business posted $0.48 earnings per share. The company’s revenue for the quarter was up .8% compared to the same quarter last year. On average, equities research analysts forecast that Etsy will post 2.57 EPS for the current year.

Insider Buying and Selling

In other Etsy news, CEO Josh Silverman sold 21,666 shares of the company’s stock in a transaction dated Monday, February 24th. The shares were sold at an average price of $52.05, for a total value of $1,127,715.30. Following the sale, the chief executive officer now owns 5,004 shares in the company, valued at approximately $260,458.20. This represents a 81.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, April 3rd. The shares were sold at an average price of $48.40, for a total transaction of $81,118.40. The disclosure for this sale can be found here. Insiders have sold a total of 50,952 shares of company stock valued at $2,554,620 over the last ninety days. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Several institutional investors and hedge funds have recently modified their holdings of ETSY. Norges Bank bought a new position in Etsy in the 4th quarter valued at approximately $74,235,000. Assenagon Asset Management S.A. lifted its holdings 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 valued at $78,827,000 after purchasing an additional 850,520 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Etsy by 703.8% during the fourth quarter. Victory Capital Management Inc. now owns 812,671 shares of the specialty retailer’s stock valued at $42,982,000 after buying an additional 711,572 shares during the last quarter. Van ECK Associates Corp increased its holdings in Etsy by 17.4% in the 4th quarter. Van ECK Associates Corp now owns 3,527,742 shares of the specialty retailer’s stock worth $186,583,000 after buying an additional 522,111 shares in the last quarter. Finally, AQR Capital Management LLC raised its position in Etsy by 89.1% in the 4th quarter. AQR Capital Management LLC now owns 889,438 shares of the specialty retailer’s stock worth $47,042,000 after buying an additional 419,038 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors.

Etsy Company Profile

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.