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

Etsy (NASDAQ:ETSY) had its price target reduced by Barclays from $60.00 to $55.00 in a research note released on Thursday, Benzinga reports. They currently have an equal weight rating on the specialty retailer’s stock.

A number of other analysts also recently weighed in on ETSY. The Goldman Sachs Group downgraded Etsy from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $70.00 to $45.00 in a report on Tuesday, October 15th. Piper Sandler reaffirmed a “neutral” rating and set a $56.00 price objective on shares of Etsy in a research report on Friday, August 23rd. Wolfe Research started coverage on shares of Etsy in a research note on Tuesday, July 16th. They set a “peer perform” rating on the stock. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Etsy presently has a consensus rating of “Hold” and a consensus price target of $64.87.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $52.77 on Thursday. The firm has a market cap of $6.06 billion, a PE ratio of 26.92, a price-to-earnings-growth ratio of 5.94 and a beta of 1.99. The company has a 50 day simple moving average of $52.60 and a 200 day simple moving average of $58.08. Etsy has a 1 year low of $47.10 and a 1 year high of $89.58.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). The company 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 46.79% and a net margin of 9.17%. Etsy’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. As a group, research analysts anticipate that Etsy will post 2.3 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has authorized a share buyback 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 purchase up to 17.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its shares are undervalued.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the sale, the insider now owns 592 shares of the company’s stock, valued at approximately $30,257.12. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,619 shares of company stock worth $240,825. 2.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Blue Trust Inc. boosted its holdings in shares of Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares during the period. UMB Bank n.a. lifted its holdings in Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 292 shares in the last quarter. Larson Financial Group LLC boosted its stake in Etsy by 1,576.5% in the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock worth $39,000 after purchasing an additional 536 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Etsy during the second quarter valued at about $42,000. Finally, Capital Performance Advisors LLP purchased a new stake in shares of Etsy in the third quarter worth about $43,000. 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.