Etsy (NASDAQ:ETSY) Given New $61.00 Price Target at Moffett Nathanson

Etsy (NASDAQ:ETSY) had its price target raised by Moffett Nathanson from $60.00 to $61.00 in a research note issued to investors on Tuesday,Benzinga reports. The firm currently has a neutral rating on the specialty retailer’s stock.

ETSY has been the subject of a number of other research reports. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. Evercore ISI raised Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Piper Sandler reaffirmed a “neutral” rating and set a $56.00 target price on shares of Etsy in a research report on Friday, August 23rd. UBS Group decreased their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 15th. Finally, Stifel Nicolaus reduced their price objective on Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research report on Monday, October 28th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $64.71.

Etsy Price Performance

Shares of ETSY opened at $54.78 on Tuesday. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 27.95, a P/E/G ratio of 6.17 and a beta of 1.99. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The business’s 50-day moving average is $52.00 and its 200-day moving average is $56.54.

Etsy (NASDAQ:ETSY) last announced 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). The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.64 EPS. Equities research analysts expect that Etsy will post 2.25 earnings per share for the current fiscal year.

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

Insider Activity

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the business’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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction 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 completion of the sale, the insider now owns 18,083 shares in the company, valued at approximately $1,001,798.20. The trade was a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 5,819 shares of company stock worth $303,438 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Hedge funds have recently made changes to their positions in the stock. Meritage Portfolio Management grew its position in shares of Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock valued at $14,698,000 after purchasing an additional 159,820 shares in the last quarter. Everence Capital Management Inc. purchased a new position in shares of Etsy in the third quarter valued at $834,000. Pacer Advisors Inc. grew its position in shares of Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares in the last quarter. Principal Financial Group Inc. grew its position in shares of Etsy by 313.1% in the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after purchasing an additional 411,165 shares in the last quarter. Finally, Thrivent Financial for Lutherans grew its position in Etsy by 258.5% during the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock worth $6,576,000 after buying an additional 85,396 shares in the last quarter. 99.53% of the stock is currently 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.