Etsy (NASDAQ:ETSY) Price Target Cut to $60.00 by Analysts at Citigroup

Etsy (NASDAQ:ETSY) had its target price cut by research analysts at Citigroup from $73.00 to $60.00 in a research report issued on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s target price indicates a potential upside of 12.94% from the stock’s previous close.

Other equities analysts have also recently issued reports about the company. Canaccord Genuity Group raised their price objective on shares of Etsy from $76.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. Barclays raised their price target on shares of Etsy from $60.00 to $62.00 and gave the company an “equal weight” rating in a report on Thursday, October 30th. Weiss Ratings raised shares of Etsy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Moffett Nathanson reissued a “neutral” rating on shares of Etsy in a research note on Wednesday, October 29th. Finally, Truist Financial upped their target price on Etsy from $75.00 to $80.00 and gave the stock a “buy” rating in a research note on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, twenty have assigned a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $64.46.

Etsy Stock Performance

NASDAQ:ETSY traded down $0.73 during trading on Monday, reaching $53.13. The company’s stock had a trading volume of 2,745,135 shares, compared to its average volume of 4,915,157. The firm has a market cap of $5.24 billion, a price-to-earnings ratio of 42.84, a price-to-earnings-growth ratio of 10.65 and a beta of 1.76. The firm has a 50 day moving average of $61.73 and a 200-day moving average of $60.09. Etsy has a 12 month low of $40.05 and a 12 month high of $76.51.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.06. The company had revenue of $678.03 million during the quarter, compared to the consensus estimate of $655.83 million. Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The firm’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.45 EPS. Equities research analysts forecast that Etsy will post 2.57 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Richard Edward Colburn III sold 3,200 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The stock was sold at an average price of $57.80, for a total value of $184,960.00. Following the completion of the transaction, the insider owned 4,387 shares in the company, valued at $253,568.60. This trade represents a 42.18% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Goyal Kruti Patel sold 7,685 shares of the company’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $75.01, for a total value of $576,451.85. Following the completion of the sale, the insider directly owned 54,840 shares in the company, valued at approximately $4,113,548.40. The trade was a 12.29% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 311,105 shares of company stock valued at $21,144,854 over the last three months. Insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Smartleaf Asset Management LLC raised its position in shares of Etsy by 10.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the specialty retailer’s stock worth $88,000 after purchasing an additional 158 shares during the last quarter. Alamea Verwaltungs GmbH increased its stake in Etsy by 2.3% during the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the specialty retailer’s stock valued at $370,000 after purchasing an additional 169 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in Etsy by 0.6% in the second quarter. Ameritas Investment Partners Inc. now owns 28,705 shares of the specialty retailer’s stock worth $1,440,000 after buying an additional 172 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of Etsy by 18.7% in the second quarter. Blue Trust Inc. now owns 1,150 shares of the specialty retailer’s stock worth $58,000 after buying an additional 181 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Etsy by 52.7% during the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock valued at $28,000 after buying an additional 192 shares during the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

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.