Etsy’s (ETSY) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Etsy (NASDAQ:ETSY) in a research note published on Thursday, Benzinga reports. The brokerage currently has a $60.00 price target on the specialty retailer’s stock.

Several other analysts have also recently issued reports on ETSY. Wells Fargo & Company dropped their target price on Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research report on Thursday, October 3rd. Oppenheimer lowered Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Evercore ISI raised shares of Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Cantor Fitzgerald restated a “neutral” rating and issued a $50.00 price target on shares of Etsy in a report on Monday, October 7th. Finally, UBS Group reduced their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Four equities 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 assigned a strong buy rating to the company. According to MarketBeat, Etsy has an average rating of “Hold” and a consensus target price of $64.87.

Etsy Trading Up 2.6 %

Shares of ETSY stock opened at $52.77 on Thursday. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58. The stock has a fifty day simple moving average of $52.60 and a two-hundred day simple moving average of $58.08. The stock has a market capitalization of $6.06 billion, a price-to-earnings ratio of 26.92, a P/E/G ratio of 5.94 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The business had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. During the same period last year, the business posted $0.64 EPS. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts predict that Etsy will post 2.3 EPS for the current fiscal year.

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

Insider Buying and Selling 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 stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of the business’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 4,619 shares of company stock valued at $240,825. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors have recently modified their holdings of ETSY. Blue Trust Inc. boosted its position in Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares in the last quarter. UMB Bank n.a. raised its stake in shares of 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 buying an additional 292 shares during the period. Larson Financial Group LLC lifted its position in shares of Etsy by 1,576.5% during the 1st quarter. Larson Financial Group LLC now owns 570 shares of the specialty retailer’s stock valued at $39,000 after buying an additional 536 shares in the last quarter. 1620 Investment Advisors Inc. acquired a new stake in Etsy in the 2nd quarter valued at $42,000. Finally, Capital Performance Advisors LLP acquired a new position in Etsy during the third quarter worth $43,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.