Etsy (NASDAQ:ETSY) Given New $67.00 Price Target at Truist Financial

Etsy (NASDAQ:ETSY) had its target price dropped by stock analysts at Truist Financial from $70.00 to $67.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the specialty retailer’s stock. Truist Financial’s price objective suggests a potential upside of 19.51% from the stock’s current price.

Several other equities research analysts have also issued reports on the company. Raymond James lowered their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a research note on Wednesday, October 23rd. UBS Group dropped their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research note on Monday, October 7th. Barclays dropped their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, JMP Securities reissued a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Etsy currently has an average rating of “Hold” and a consensus target price of $62.42.

Etsy Stock Up 1.8 %

Etsy stock opened at $56.06 on Wednesday. Etsy has a 52-week low of $47.10 and a 52-week high of $80.30. The firm’s fifty day moving average is $55.15 and its 200 day moving average is $54.63. The company has a market cap of $6.31 billion, a price-to-earnings ratio of 28.60, a PEG ratio of 2.55 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.54 by ($0.09). The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.64 earnings per share. On average, equities research analysts anticipate that Etsy will post 2.26 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Etsy

Institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its holdings in 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 buying an additional 231 shares during the period. UMB Bank n.a. lifted its stake in shares of Etsy by 112.3% during the 3rd 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 last quarter. Capital Performance Advisors LLP bought a new stake in Etsy during the third quarter valued at about $43,000. Versant Capital Management Inc grew its stake in Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after purchasing an additional 499 shares during the last quarter. Finally, Prospera Private Wealth LLC bought a new position in Etsy in the third quarter worth about $59,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.