Analysts Set Etsy, Inc. (NASDAQ:ETSY) PT at $64.71

Etsy, Inc. (NASDAQ:ETSY) has been assigned an average rating of “Hold” from the twenty-five research firms that are covering the stock, Marketbeat reports. Four analysts have rated the stock with a sell recommendation, thirteen have assigned a hold recommendation, seven have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $64.71.

A number of equities analysts have recently issued reports on ETSY shares. Loop Capital dropped their price target on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Cantor Fitzgerald reissued a “neutral” rating and issued a $50.00 target price on shares of Etsy in a research report on Monday, October 7th. Bank of America reduced their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Citigroup dropped their price objective on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a report on Thursday, October 31st. Finally, Stifel Nicolaus reduced their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a report on Monday, October 28th.

Insider Transactions at Etsy

In related news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at approximately $30,257.12. This trade represents a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the company’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 5,069 shares of company stock valued at $261,888. 2.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Pacer Advisors Inc. lifted its stake in shares of Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after purchasing an additional 3,861,668 shares during the last quarter. Van ECK Associates Corp boosted its stake in Etsy by 14.3% during the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after buying an additional 721,454 shares during the period. Renaissance Technologies LLC increased its position in Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after acquiring an additional 734,200 shares during the last quarter. Marshall Wace LLP raised its stake in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after acquiring an additional 1,055,296 shares during the period. Finally, AQR Capital Management LLC lifted its holdings in shares of Etsy by 76.2% in the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after acquiring an additional 517,480 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

Shares of NASDAQ:ETSY opened at $57.30 on Friday. The firm has a market cap of $6.45 billion, a price-to-earnings ratio of 29.23, a price-to-earnings-growth ratio of 6.75 and a beta of 1.99. The business has a 50-day simple moving average of $52.22 and a two-hundred day simple moving average of $56.17. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share 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 company had revenue of $662.40 million for the quarter, compared to the consensus estimate of $652.47 million. During the same quarter last year, the company earned $0.64 EPS. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. As a group, research analysts predict that Etsy will post 2.25 earnings per share for the current year.

Etsy declared that its board has approved a stock repurchase plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

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.