Needham & Company LLC Reiterates Buy Rating for Etsy (NASDAQ:ETSY)

Etsy (NASDAQ:ETSY)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $60.00 target price on the specialty retailer’s stock. Needham & Company LLC’s price target would indicate a potential upside of 13.70% from the company’s previous close.

ETSY has been the subject of a number of other research reports. Raymond James dropped their price objective 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. Wedbush cut their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. Wells Fargo & Company reduced their price objective on Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research note on Thursday, October 3rd. Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 target price on shares of Etsy in a research note on Monday, October 7th. Finally, UBS Group reduced their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus price target of $64.87.

Etsy Trading Up 2.6 %

NASDAQ ETSY opened at $52.77 on Thursday. The stock has a market cap of $6.06 billion, a PE ratio of 26.92, a P/E/G ratio of 5.39 and a beta of 1.97. Etsy has a twelve month low of $47.10 and a twelve month high of $89.58. The stock has a fifty day simple moving average of $52.60 and a 200-day simple moving average of $58.15.

Etsy (NASDAQ:ETSY) last released 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 negative return on equity of 47.52% and a net margin of 9.17%. The firm had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the company earned $0.64 earnings per share. The firm’s revenue for the quarter was up 4.1% on a year-over-year basis. Research analysts predict that Etsy will post 2.37 EPS for the current year.

Etsy declared that its Board of Directors has initiated a share repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is 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 Toni Thompson Nadal sold 1,443 shares of the stock in a transaction dated 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 of the company’s stock, valued at $30,257.12. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total value 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. 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 worth $240,825. Company insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several hedge funds have recently modified their holdings of ETSY. Marshall Wace LLP raised its position in 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 in the last quarter. Renaissance Technologies LLC lifted its stake in shares of Etsy by 21.1% in the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares during the period. Van ECK Associates Corp boosted its holdings in Etsy by 14.3% during 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. grew its position in 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 buying an additional 721,453 shares during the period. Finally, AQR Capital Management LLC increased its holdings in Etsy by 76.2% in 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 buying an additional 517,480 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

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.