JMP Securities Reaffirms Market Perform Rating for Etsy (NASDAQ:ETSY)

JMP Securities reiterated their market perform rating on shares of Etsy (NASDAQ:ETSY) in a research note published on Monday morning,Benzinga reports.

Other equities analysts have also issued reports about the company. Raymond James reduced their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price target on shares of Etsy in a report on Thursday, October 31st. Wells Fargo & Company cut their price objective on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Citigroup dropped their target price on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research report on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Four analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $63.17.

Etsy Stock Performance

NASDAQ ETSY opened at $61.61 on Monday. The firm has a market capitalization of $6.93 billion, a price-to-earnings ratio of 31.43, a PEG ratio of 6.96 and a beta of 1.99. Etsy has a one year low of $47.10 and a one year high of $89.58. The company’s 50 day moving average price is $53.04 and its 200 day moving average price is $55.98.

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

Etsy announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding 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 generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction on Friday, November 1st. The stock was sold at an average price of $52.50, for a total value of $39,375.00. Following the sale, the insider now owns 24,371 shares of the company’s stock, valued at $1,279,477.50. The trade was a 2.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the 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 sale, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 70.91 % decrease in their position. 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 over the last quarter. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC increased its holdings in shares of Etsy by 15.7% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 7,833 shares of the specialty retailer’s stock valued at $462,000 after purchasing an additional 1,062 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its stake in shares of Etsy by 4.8% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 13,038 shares of the specialty retailer’s stock valued at $769,000 after purchasing an additional 601 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in Etsy by 3.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock worth $526,000 after acquiring an additional 316 shares during the period. 1620 Investment Advisors Inc. bought a new stake in shares of Etsy during the 2nd quarter valued at $42,000. Finally, Bristlecone Advisors LLC boosted its position in shares of Etsy by 48.1% in the 2nd quarter. Bristlecone Advisors LLC now owns 6,052 shares of the specialty retailer’s stock worth $357,000 after purchasing an additional 1,965 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.