Loop Capital Lowers Etsy (NASDAQ:ETSY) Price Target to $40.00

Etsy (NASDAQ:ETSY) had its target price trimmed by Loop Capital from $45.00 to $40.00 in a research report sent to investors on Thursday,Benzinga reports. The firm currently has a sell rating on the specialty retailer’s stock.

A number of other equities research analysts also recently commented on the company. Citigroup increased their price objective on Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Truist Financial cut their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. UBS Group cut their price objective on Etsy from $55.00 to $54.00 and set a “neutral” rating for the company in a research report on Thursday. Jefferies Financial Group upgraded Etsy from an “underperform” rating to a “hold” rating and increased their price objective for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Finally, Barclays cut their price objective on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday, October 31st. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $58.78.

Etsy Price Performance

ETSY opened at $51.26 on Thursday. The company has a market capitalization of $5.49 billion, a price-to-earnings ratio of 21.63, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00. Etsy has a 1-year low of $47.10 and a 1-year high of $74.82. The business has a 50 day moving average price of $54.43 and a two-hundred day moving average price of $53.78.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.95 by $0.08. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm had revenue of $852.16 million during the quarter, compared to the consensus estimate of $861.37 million. During the same period in the prior year, the firm posted $0.62 earnings per share. The firm’s revenue for the quarter was up 1.2% compared to the same quarter last year. Equities analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Etsy announced that its Board of Directors has initiated a share buyback program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.

Insider Buying and Selling

In related news, insider Nicholas Daniel sold 1,500 shares of the company’s stock in a transaction on Monday, February 3rd. The shares were 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 directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Large investors have recently bought and sold shares of the business. Meritage Portfolio Management boosted its holdings in Etsy by 152.4% in the third quarter. Meritage Portfolio Management now owns 264,689 shares of the specialty retailer’s stock worth $14,698,000 after purchasing an additional 159,820 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares during the period. Principal Financial Group Inc. boosted its holdings in Etsy by 313.1% during the third quarter. Principal Financial Group Inc. now owns 542,505 shares of the specialty retailer’s stock valued at $30,125,000 after acquiring an additional 411,165 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Etsy by 258.5% during the third quarter. Thrivent Financial for Lutherans now owns 118,434 shares of the specialty retailer’s stock valued at $6,576,000 after acquiring an additional 85,396 shares during the period. Finally, Louisiana State Employees Retirement System boosted its holdings in Etsy by 740.9% during the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares during the period. 99.53% of the stock is currently owned by 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.