Etsy (NASDAQ:ETSY) Price Target Lowered to $53.00 at Citigroup

Etsy (NASDAQ:ETSY) had its target price decreased by Citigroup from $56.00 to $53.00 in a report released on Thursday morning,Benzinga reports. Citigroup currently has a neutral rating on the specialty retailer’s stock.

A number of other research analysts have also weighed in on ETSY. Moffett Nathanson raised their target price on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Wells Fargo & Company raised their target price on Etsy from $44.00 to $47.00 and gave the company an “underweight” rating in a report on Thursday. UBS Group dropped their price target on Etsy from $55.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday. Loop Capital dropped their price target on Etsy from $45.00 to $40.00 and set a “sell” rating on the stock in a report on Thursday. Finally, Bank of America dropped their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a report on Thursday, October 24th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $60.08.

Etsy Stock Performance

Shares of Etsy stock opened at $51.40 on Thursday. Etsy has a 52 week low of $47.10 and a 52 week high of $78.65. The stock has a 50 day moving average price of $54.58 and a two-hundred day moving average price of $53.81. The stock has a market capitalization of $5.78 billion, a PE ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, beating analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $852.16 million for the quarter, compared to analyst estimates of $861.37 million. During the same quarter last year, the company earned $0.62 earnings per share. The company’s revenue for the quarter was up 1.2% on a year-over-year basis. Research analysts forecast that Etsy will post 2.25 EPS for the current year.

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

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction 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 completion of the transaction, the insider now directly owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % 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 the SEC website. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in shares of Etsy by 106.5% in the third 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. Lindbrook Capital LLC grew its position in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares in the last quarter. True Wealth Design LLC grew its position in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares in the last quarter. Hurley Capital LLC purchased a new position in shares of Etsy in the fourth quarter valued at $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new position in shares of Etsy in the fourth quarter valued at $34,000. 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.