Truist Financial Lowers Etsy (NASDAQ:ETSY) Price Target to $70.00

by · The Markets Daily

Etsy (NASDAQ:ETSY – Get Free Report) had its price target lowered by stock analysts at Truist Financial from $76.00 to $70.00 in a research note issued to investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the specialty retailer’s stock. Truist Financial’s price target indicates a potential upside of 32.65% from the company’s previous close.

ETSY has been the topic of a number of other research reports. Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Wolfe Research began coverage on Etsy in a research note on Tuesday, July 16th. They issued a “peer perform” rating on the stock. UBS Group reduced their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 target price on shares of Etsy in a research note on Friday, August 23rd. Finally, Evercore ISI raised Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. Four analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Etsy has an average rating of “Hold” and a consensus target price of $64.87.

Read Our Latest Analysis on Etsy

Etsy Trading Up 2.6 %

NASDAQ ETSY opened at $52.77 on Thursday. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 26.92, a PEG ratio of 5.39 and a beta of 1.97. The business’s 50 day moving average is $52.60 and its two-hundred day moving average is $58.15. Etsy has a 12-month low of $47.10 and a 12-month high of $89.58.

Etsy (NASDAQ:ETSY – Get Free Report) last released its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. The business’s revenue was up 4.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.64 EPS. Equities analysts forecast that Etsy will post 2.37 earnings per share for the current fiscal year.

Etsy announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the completion of the transaction, the insider now directly owns 18,083 shares in the company, valued at approximately $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 4,619 shares of company stock worth $240,825 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

Hedge funds have recently bought and sold shares of the company. Everence Capital Management Inc. acquired a new position in Etsy in the third quarter worth about $834,000. TD Asset Management Inc lifted its holdings in Etsy by 16.8% in the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock worth $105,861,000 after acquiring an additional 221,275 shares during the last quarter. Diversified Trust Co lifted its holdings in Etsy by 11.5% in the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock worth $381,000 after acquiring an additional 668 shares during the last quarter. Advisors Asset Management Inc. lifted its holdings in Etsy by 12.6% in the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock worth $10,093,000 after acquiring an additional 16,458 shares during the last quarter. Finally, Louisiana State Employees Retirement System lifted its holdings in Etsy by 740.9% in the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock worth $3,082,000 after acquiring an additional 48,900 shares during the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Company Profile

(Get Free Report)

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.

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