Citigroup Cuts Etsy (NASDAQ:ETSY) Price Target to $60.00

Etsy (NASDAQ:ETSY) had its target price decreased by Citigroup from $73.00 to $60.00 in a research note issued to investors on Monday,Benzinga reports. Citigroup currently has a neutral rating on the specialty retailer’s stock.

ETSY has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and issued a $72.00 price objective on shares of Etsy in a report on Thursday, October 23rd. Cantor Fitzgerald restated a “neutral” rating and issued a $64.00 price target on shares of Etsy in a research note on Thursday, October 30th. BTIG Research reaffirmed a “buy” rating and issued a $81.00 price target on shares of Etsy in a report on Wednesday, November 12th. Piper Sandler reissued a “neutral” rating on shares of Etsy in a report on Wednesday, October 29th. Finally, Morgan Stanley boosted their price objective on Etsy from $61.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 29th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nineteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, Etsy has a consensus rating of “Hold” and a consensus price target of $64.46.

Etsy Trading Down 1.7%

Shares of NASDAQ:ETSY opened at $52.84 on Monday. Etsy has a 12-month low of $40.05 and a 12-month high of $76.51. The business has a 50 day moving average of $60.69 and a two-hundred day moving average of $60.04. The company has a market capitalization of $5.22 billion, a PE ratio of 42.61, a PEG ratio of 10.65 and a beta of 1.76.

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

Insiders Place Their Bets

In other news, insider Richard Edward Colburn III sold 3,200 shares of Etsy 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 sale, the insider directly owned 4,387 shares of the company’s stock, valued at $253,568.60. The trade was a 42.18% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Bradley Minor sold 3,095 shares of the business’s stock in a transaction that occurred on Thursday, November 6th. The stock was sold at an average price of $57.81, for a total value of $178,921.95. Following the sale, the chief marketing officer owned 7,373 shares of the company’s stock, valued at $426,233.13. The trade was a 29.57% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 241,105 shares of company stock valued at $16,594,854. 2.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

Hedge funds and other institutional investors have recently modified their holdings of the business. Smartleaf Asset Management LLC grew its stake in Etsy by 10.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the specialty retailer’s stock valued at $88,000 after acquiring an additional 158 shares in the last quarter. Alamea Verwaltungs GmbH boosted its holdings in shares of Etsy by 2.3% during the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the specialty retailer’s stock worth $370,000 after purchasing an additional 169 shares during the last quarter. Ameritas Investment Partners Inc. grew its position in shares of Etsy by 0.6% in the second quarter. Ameritas Investment Partners Inc. now owns 28,705 shares of the specialty retailer’s stock valued at $1,440,000 after purchasing an additional 172 shares in the last quarter. Blue Trust Inc. grew its position 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 valued at $58,000 after purchasing an additional 181 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in shares of Etsy by 52.7% in the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock valued at $28,000 after purchasing 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.