Etsy (NASDAQ:ETSY) Given “Buy” Rating at Needham & Company LLC

Etsy (NASDAQ:ETSY)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report issued on Thursday, Benzinga reports. They presently have a $60.00 price objective on the specialty retailer’s stock. Needham & Company LLC’s price target would suggest a potential upside of 10.52% from the company’s previous close.

Several other research firms also recently commented on ETSY. Truist Financial reiterated a “buy” rating and set a $76.00 target price on shares of Etsy in a research report on Tuesday, September 24th. UBS Group cut their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 15th. Loop Capital decreased their price objective on Etsy from $50.00 to $45.00 and set a “sell” rating for the company in a report on Monday, August 12th. Wedbush lowered their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and reduced their price target for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $66.48.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $54.29 on Thursday. Etsy has a one year low of $47.10 and a one year high of $89.58. The company has a market cap of $6.35 billion, a price-to-earnings ratio of 23.69, a PEG ratio of 4.85 and a beta of 1.97. The firm has a 50 day simple moving average of $52.70 and a 200 day simple moving average of $58.30.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The firm had revenue of $662.40 million during the quarter, compared to the consensus estimate of $652.47 million. During the same quarter in the previous year, the company posted $0.64 earnings per share. The firm’s revenue was up 4.1% on a year-over-year basis. As a group, analysts expect that Etsy will post 2.38 EPS for the current year.

Etsy declared that its Board of Directors has initiated a stock repurchase 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 usually an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling at Etsy

In other news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This 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. In other news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Nicholas Daniel sold 750 shares of the company’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 owns 18,083 shares in the company, valued at $1,001,798.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 4,619 shares of company stock valued at $240,825. Company insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently added to or reduced their stakes in the stock. Everence Capital Management Inc. purchased a new position in shares of Etsy during the third quarter valued at approximately $834,000. TD Asset Management Inc raised its holdings in shares of Etsy by 16.8% in the first quarter. TD Asset Management Inc now owns 1,540,465 shares of the specialty retailer’s stock valued at $105,861,000 after purchasing an additional 221,275 shares during the last quarter. Diversified Trust Co lifted its position in shares of Etsy by 11.5% during the second quarter. Diversified Trust Co now owns 6,459 shares of the specialty retailer’s stock valued at $381,000 after purchasing an additional 668 shares in the last quarter. Advisors Asset Management Inc. boosted its holdings in Etsy by 12.6% during the first quarter. Advisors Asset Management Inc. now owns 146,865 shares of the specialty retailer’s stock worth $10,093,000 after purchasing an additional 16,458 shares during the last quarter. Finally, SG Americas Securities LLC grew its position in Etsy by 184.3% in the 1st quarter. SG Americas Securities LLC now owns 56,107 shares of the specialty retailer’s stock worth $3,856,000 after purchasing an additional 36,372 shares in 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.