Etsy, Inc. (NASDAQ:ETSY) Receives $64.71 Average PT from Brokerages

Shares of Etsy, Inc. (NASDAQ:ETSY) have been given a consensus rating of “Hold” by the twenty-five ratings firms that are covering the company, Marketbeat reports. Four analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among analysts that have covered the stock in the last year is $64.71.

Several equities analysts recently weighed in on ETSY shares. Piper Sandler reiterated a “neutral” rating and issued a $56.00 price target on shares of Etsy in a report on Friday, August 23rd. Raymond James reduced their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating for the company in a report on Wednesday, October 23rd. Citigroup lowered their price target 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. The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and reduced their price objective for the company from $70.00 to $45.00 in a research note on Tuesday, October 15th. Finally, Stifel Nicolaus lowered their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th.

Insider Buying and Selling

In other Etsy news, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total transaction of $39,862.50. Following the sale, the insider now directly owns 25,121 shares of the company’s stock, valued at $1,335,181.15. The trade was a 2.90 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,069 shares of company stock worth $261,888. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ETSY. Blue Trust Inc. increased its holdings in shares of Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the last quarter. UMB Bank n.a. increased its stake in shares of Etsy by 112.3% in the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares during the last quarter. 1620 Investment Advisors Inc. purchased a new position in shares of Etsy during the 2nd quarter worth $42,000. Capital Performance Advisors LLP acquired a new position in shares of Etsy during the 3rd quarter valued at about $43,000. Finally, Prospera Private Wealth LLC purchased a new stake in shares of Etsy in the third quarter valued at about $59,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Price Performance

Shares of ETSY opened at $55.46 on Friday. The company’s fifty day moving average price is $52.04 and its 200-day moving average price is $56.30. Etsy has a 1-year low of $47.10 and a 1-year high of $89.58. The firm has a market capitalization of $6.24 billion, a PE ratio of 27.99, a price-to-earnings-growth ratio of 6.48 and a beta of 1.99.

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

Etsy declared that its Board of Directors has authorized a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s management believes its stock is 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.