UBS Group Issues Pessimistic Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target trimmed by UBS Group from $55.00 to $54.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a neutral rating on the specialty retailer’s stock.

A number of other research analysts have also weighed in on ETSY. Deutsche Bank Aktiengesellschaft lowered Etsy to a “hold” rating and dropped their target price for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Truist Financial dropped their price objective on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research note on Wednesday, January 29th. Wells Fargo & Company upped their target price on shares of Etsy from $44.00 to $47.00 and gave the stock an “underweight” rating in a research note on Thursday. Bank of America dropped their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Finally, Citigroup upped their price objective on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday, February 14th. 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. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $58.78.

Etsy Trading Down 0.3 %

Shares of ETSY stock opened at $51.26 on Thursday. The firm has a fifty day simple moving average of $54.43 and a two-hundred day simple moving average of $53.78. Etsy has a 12 month low of $47.10 and a 12 month high of $74.82. The firm has a market capitalization of $5.49 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 2.57 and a beta of 2.00.

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

Etsy announced that its Board of Directors has initiated a share repurchase plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the sale, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Blue Trust Inc. boosted its position in shares of Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 231 shares during the period. Lindbrook Capital LLC boosted its holdings in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after purchasing an additional 181 shares during the period. True Wealth Design LLC grew its position in shares of Etsy by 112.7% during the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock valued at $29,000 after purchasing an additional 292 shares in the last quarter. Hurley Capital LLC bought a new position in shares of Etsy in the fourth quarter worth $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in shares of Etsy in the fourth quarter worth $34,000. 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.