Morgan Stanley Lowers Etsy (NASDAQ:ETSY) Price Target to $44.00

Etsy (NASDAQ:ETSY) had its price target decreased by research analysts at Morgan Stanley from $45.00 to $44.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the specialty retailer’s stock. Morgan Stanley’s target price points to a potential downside of 14.16% from the stock’s previous close.

A number of other analysts have also recently issued reports on ETSY. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and boosted their price objective for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Truist Financial decreased their price target on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Deutsche Bank Aktiengesellschaft lowered 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. Moffett Nathanson boosted their price objective on Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, Citigroup boosted their price objective on Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research note on Friday, February 14th. Four investment analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $60.08.

Etsy Stock Down 0.3 %

Shares of NASDAQ ETSY opened at $51.26 on Thursday. The business’s 50 day moving average is $54.43 and its two-hundred day moving average is $53.78. The company has a market cap of $5.77 billion, a P/E ratio of 21.63, a P/E/G ratio of 2.55 and a beta of 2.00. Etsy has a 12 month low of $47.10 and a 12 month high of $74.82.

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 analysts’ consensus estimates of $0.95 by $0.08. The business had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. Etsy’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.62 earnings per share. Sell-side analysts expect that Etsy will post 2.6 earnings per share for the current fiscal year.

Etsy announced that its board has approved a share 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 buy up to 17.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its stock is undervalued.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Pacer Advisors Inc. increased its holdings 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 worth $331,067,000 after acquiring an additional 3,861,668 shares in the last quarter. Norges Bank bought a new stake in shares of Etsy in the fourth quarter worth about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Etsy in the third quarter worth about $55,530,000. Holocene Advisors LP bought a new stake in shares of Etsy in the third quarter worth about $49,061,000. Finally, Assenagon Asset Management S.A. increased its holdings in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after acquiring an additional 850,520 shares in the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.