Etsy, Inc. (NASDAQ:ETSY) Receives $64.87 Average Target Price from Brokerages

Shares of Etsy, Inc. (NASDAQ:ETSY) have received an average rating of “Hold” from the twenty-four analysts that are covering the firm, Marketbeat Ratings reports. Four investment analysts have rated the stock with a sell recommendation, twelve have given a hold recommendation, seven have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $64.87.

A number of research analysts have recently commented on ETSY shares. Wolfe Research assumed coverage on shares of Etsy in a research report on Tuesday, July 16th. They issued a “peer perform” rating for the company. Deutsche Bank Aktiengesellschaft boosted their target price on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Bank of America reduced their price objective 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. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 target price on shares of Etsy in a report on Monday, October 7th. Finally, Wells Fargo & Company lowered their price target 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.

Etsy Price Performance

Etsy stock opened at $53.41 on Tuesday. The company has a market cap of $6.01 billion, a price-to-earnings ratio of 27.25, a P/E/G ratio of 6.17 and a beta of 1.99. The firm has a 50-day moving average of $52.40 and a 200-day moving average of $57.75. Etsy has a one year low of $47.10 and a one year high of $89.58.

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 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 during the quarter, compared to the consensus estimate of $652.47 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. The firm’s revenue for the quarter was up 4.1% compared to the same quarter last year. As a group, sell-side analysts expect that Etsy will post 2.25 earnings per share for the current year.

Etsy declared that its Board of Directors has initiated a share buyback program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to buy up to 17.8% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board of directors believes its stock is undervalued.

Insiders Place Their Bets

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of the stock in a transaction on 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 directly owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Etsy news, insider Nicholas Daniel sold 750 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total transaction of $41,550.00. Following the completion of the sale, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the company’s 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 sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,369 shares of company stock valued at $280,200. Insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Marshall Wace LLP boosted 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 worth $82,703,000 after acquiring an additional 1,055,296 shares during the period. Renaissance Technologies LLC grew its holdings in Etsy by 21.1% during the 2nd quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after buying an additional 734,200 shares in the last quarter. Van ECK Associates Corp lifted its holdings in shares of Etsy by 14.3% in 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 in the last quarter. Pacer Advisors Inc. boosted its position in shares of Etsy by 52.3% during the second quarter. Pacer Advisors Inc. now owns 2,100,284 shares of the specialty retailer’s stock worth $123,875,000 after acquiring an additional 721,453 shares during the last quarter. Finally, AQR Capital Management LLC grew its stake in Etsy by 76.2% during the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock valued at $69,685,000 after acquiring an additional 517,480 shares in the last quarter. Institutional investors 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.