UBS Group Cuts Etsy (NASDAQ:ETSY) Price Target to $54.00

Etsy (NASDAQ:ETSY) had its price target decreased by equities researchers at UBS Group from $55.00 to $54.00 in a research report issued on Thursday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. UBS Group’s price objective indicates a potential upside of 6.39% from the stock’s current price.

Other research analysts have also issued research reports about the company. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and raised their price objective for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Barclays reduced their price objective on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Needham & Company LLC reiterated a “buy” rating and set a $60.00 target price on shares of Etsy in a research report on Thursday. Citigroup boosted their price target on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of Etsy to a “hold” rating and decreased their price target for the company from $45.00 to $43.00 in a research note on Wednesday, February 12th. Four investment analysts have rated the stock with a sell rating, fourteen 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, Etsy currently has a consensus rating of “Hold” and a consensus target price of $61.88.

Etsy Stock Performance

Shares of Etsy stock traded down $0.77 during trading hours on Thursday, hitting $50.76. The company’s stock had a trading volume of 920,709 shares, compared to its average volume of 3,184,353. The business has a 50 day moving average price of $54.73 and a two-hundred day moving average price of $53.83. Etsy has a 12-month low of $47.10 and a 12-month high of $78.65. The company has a market cap of $5.71 billion, a PE ratio of 25.84, a PEG ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter last year, the business posted $0.62 earnings per share. The company’s revenue for the quarter was up 1.2% compared to the same quarter last year. As a group, research analysts anticipate that Etsy will post 2.25 earnings per share for the current year.

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

Insider Buying and Selling at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently made changes to their positions in ETSY. Lindbrook Capital LLC increased its stake in shares of Etsy by 55.7% during the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after buying an additional 181 shares during the period. Larson Financial Group LLC increased its position in Etsy by 8.7% during the 4th quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock valued at $144,000 after purchasing an additional 218 shares during the period. Blue Trust Inc. raised its holdings in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares in the last quarter. Heron Bay Capital Management lifted its position in shares of Etsy by 1.3% in the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after purchasing an additional 258 shares during the period. Finally, Denver PWM LLC boosted its stake in shares of Etsy by 36.1% during the fourth quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock valued at $58,000 after purchasing an additional 289 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.