Stifel Nicolaus Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target decreased by Stifel Nicolaus from $64.00 to $56.00 in a report released on Monday, Benzinga reports. Stifel Nicolaus currently has a hold rating on the specialty retailer’s stock.

Other equities analysts also recently issued research reports about the company. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and decreased their target price for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Truist Financial restated a “buy” rating and issued a $76.00 target price on shares of Etsy in a research report on Tuesday, September 24th. Loop Capital reduced their target price on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Raymond James reduced 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. Finally, Bank of America reduced their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Four equities research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Etsy has a consensus rating of “Hold” and a consensus price target of $65.65.

Etsy Trading Up 7.2 %

Shares of ETSY opened at $51.44 on Monday. The firm has a market cap of $6.02 billion, a P/E ratio of 23.49, a PEG ratio of 4.85 and a beta of 1.97. The stock’s 50 day moving average is $52.70 and its two-hundred day moving average is $58.30. Etsy has a 12 month low of $47.10 and a 12 month high of $89.58.

Etsy (NASDAQ:ETSY) last released 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). The firm had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The business’s revenue was up 4.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.64 EPS. Equities research analysts forecast that Etsy will post 2.38 EPS for the current year.

Etsy declared that its board has initiated a stock buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Toni Thompson Nadal sold 1,443 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 value of $73,751.73. Following the sale, the insider now owns 592 shares in the company, valued at $30,257.12. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders have sold a total of 4,619 shares of company stock worth $240,825 in the last quarter. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Etsy by 106.5% during 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 in the last quarter. Exchange Capital Management Inc. lifted its stake in shares of Etsy by 1.6% during the first quarter. Exchange Capital Management Inc. now owns 15,364 shares of the specialty retailer’s stock worth $1,056,000 after purchasing an additional 240 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of Etsy by 7.0% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 3,659 shares of the specialty retailer’s stock worth $251,000 after purchasing an additional 240 shares in the last quarter. Meridian Management Co. increased its position in shares of Etsy by 0.4% during the second quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock worth $3,740,000 after acquiring an additional 241 shares during the last quarter. Finally, GAMMA Investing LLC increased its position in shares of Etsy by 25.6% during the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after acquiring an additional 253 shares during the last quarter. Institutional investors and hedge funds 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.