Truist Financial Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its target price cut by Truist Financial from $70.00 to $67.00 in a research report sent to investors on Wednesday morning,Benzinga reports. They currently have a buy rating on the specialty retailer’s stock.

ETSY has been the topic of several other reports. Stifel Nicolaus cut their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. UBS Group dropped their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. JMP Securities restated a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. Jefferies Financial Group upgraded shares of Etsy from an “underperform” rating to a “hold” rating and increased their price target for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Finally, Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, Etsy has a consensus rating of “Hold” and a consensus price target of $62.42.

Etsy Stock Down 2.1 %

Shares of Etsy stock opened at $54.91 on Wednesday. The stock has a market cap of $6.18 billion, a price-to-earnings ratio of 28.02, a P/E/G ratio of 2.69 and a beta of 1.99. The company’s fifty day moving average is $55.21 and its 200 day moving average is $54.59. Etsy has a twelve month low of $47.10 and a twelve month high of $80.30.

Etsy (NASDAQ:ETSY) last released 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter in the previous year, the firm earned $0.64 EPS. Etsy’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, equities analysts anticipate that Etsy will post 2.25 earnings per share for the current fiscal year.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. American Century Companies Inc. raised its position in shares of Etsy by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 12,519 shares of the specialty retailer’s stock worth $738,000 after purchasing an additional 367 shares during the last quarter. Public Sector Pension Investment Board bought a new stake in Etsy during the 2nd quarter valued at about $249,000. MBB Public Markets I LLC purchased a new position in Etsy in the second quarter worth about $505,000. The Manufacturers Life Insurance Company lifted its stake in shares of Etsy by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 96,488 shares of the specialty retailer’s stock worth $5,691,000 after buying an additional 1,720 shares in the last quarter. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Etsy during the second quarter valued at approximately $967,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.