Thus, still unsatisfied with the witch hypothesis, I was grateful to discover another complex and fascinating interpretation of the work on the website of the RISD Museum,
which suggests that the engraving in fact reflects the late-15th-century interest in the Greek goddess Hecate, patroness of evil magic and transformations and goddess of crossroads. Hecate was often represented with three faces or bodies, probably to suggest that she could look in all directions at doorways or crossings. An underworld goddess, her counterpart on earth was Diana. Some scholars have therefore interpreted Dürer’s four female figures as Diana, her backside facing the viewer, surrounded by the three forms of Hecate, her alter ego. Such complex allusions corresponded with the revival of classical languages and literature by humanists such as Willibald Pirkheimer in Dürer’s native Nuremberg.
Finally, according to Wiki, the art historian Marcel Briton suggests that the work may not have any specific meaning, and is simply a portrait of four nudes: "the whim of a young artist annoyed by the puritanical conventionality of his fellow-citizens".