Etsy, Inc. (NASDAQ:ETSY) Receives $63.17 Average PT from Brokerages

Etsy, Inc. (NASDAQ:ETSY) has been assigned a consensus rating of “Hold” from the twenty-five ratings firms that are currently covering the company, MarketBeat Ratings reports. Four analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $63.17.

A number of research analysts have weighed in on ETSY shares. Stifel Nicolaus reduced their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Bank of America reduced their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Wells Fargo & Company lowered their price objective on Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research report on Friday, November 1st. Barclays reduced their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Needham & Company LLC reissued a “buy” rating and set a $60.00 price target on shares of Etsy in a research report on Thursday, October 31st.

Insider Activity

In other news, insider Nicholas Daniel sold 750 shares of the stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.15, for a total value of $39,862.50. Following the completion of the sale, the insider now directly owns 25,121 shares of the company’s stock, valued at $1,335,181.15. This represents a 2.90 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of Etsy 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. Insiders have sold a total of 5,069 shares of company stock valued at $261,888 in the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several institutional investors have recently made changes to their positions in ETSY. Blue Trust Inc. increased its holdings in Etsy by 106.5% in the 3rd 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 last quarter. UMB Bank n.a. increased its holdings in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 292 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of Etsy in the third quarter worth about $43,000. Prospera Private Wealth LLC bought a new position in Etsy during the third quarter valued at approximately $59,000. Finally, Denver PWM LLC purchased a new position in Etsy during the 2nd quarter valued at approximately $82,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Down 2.1 %

Shares of ETSY stock opened at $52.71 on Wednesday. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of 26.89, a PEG ratio of 6.96 and a beta of 1.99. The stock has a fifty day moving average of $53.96 and a 200 day moving average of $55.63. Etsy has a 52 week low of $47.10 and a 52 week high of $82.84.

Etsy (NASDAQ:ETSY) last posted its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The company had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. During the same period in the prior year, the business posted $0.64 earnings per share. The company’s revenue for the quarter was up 4.1% on a year-over-year basis. Equities research analysts anticipate that Etsy will post 2.25 earnings per share for the current year.

Etsy announced that its Board of Directors has approved a share repurchase program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.