Etsy (NASDAQ:ETSY) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Etsy (NASDAQ:ETSY) in a research report released on Thursday morning, Benzinga reports. Needham & Company LLC currently has a $60.00 price objective on the specialty retailer’s stock.

Other equities analysts have also recently issued research reports about the company. Wolfe Research started coverage on Etsy in a research note on Tuesday, July 16th. They issued a “peer perform” rating for the company. Stifel Nicolaus decreased their price target on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Bank of America dropped their price objective on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Wells Fargo & Company decreased their price objective on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating for the company in a research report on Thursday, October 3rd. Finally, Truist Financial reissued a “buy” rating and issued a $76.00 target price on shares of Etsy in a report on Tuesday, September 24th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $64.87.

Etsy Stock Up 2.6 %

Shares of ETSY opened at $52.77 on Thursday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The company has a market cap of $6.06 billion, a P/E ratio of 26.92, a PEG ratio of 5.94 and a beta of 1.99. The firm’s 50 day moving average price is $52.60 and its 200 day moving average price is $58.15.

Etsy (NASDAQ:ETSY) last posted 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). The company had revenue of $662.40 million for the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm’s revenue was up 4.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 EPS. Research analysts forecast that Etsy will post 2.3 earnings per share for the current year.

Etsy announced that its Board of Directors has approved a share repurchase plan on Wednesday, October 30th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Etsy

In related 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 value of $41,550.00. Following the transaction, the insider now owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction on 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 of the company’s stock, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the business’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 $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares in the company, valued at $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 quarter, insiders sold 4,619 shares of company stock worth $240,825. Company insiders own 2.60% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of hedge funds have recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in shares of Etsy by 68.9% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,968 shares of the specialty retailer’s stock worth $754,000 after buying an additional 4,474 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Etsy by 26.2% in the first quarter. Janney Montgomery Scott LLC now owns 11,078 shares of the specialty retailer’s stock worth $761,000 after acquiring an additional 2,299 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. lifted its holdings in Etsy by 10.3% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 4,555 shares of the specialty retailer’s stock valued at $313,000 after acquiring an additional 424 shares during the period. Meridian Management Co. boosted its position in shares of Etsy by 1.7% during the 1st quarter. Meridian Management Co. now owns 63,168 shares of the specialty retailer’s stock worth $4,341,000 after purchasing an additional 1,026 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of Etsy by 79.3% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 7,059 shares of the specialty retailer’s stock worth $485,000 after purchasing an additional 3,122 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.