Etsy, Inc. (NASDAQ:ETSY) Given Consensus Recommendation of “Hold” by Analysts

Shares of Etsy, Inc. (NASDAQ:ETSY) have been given an average recommendation of “Hold” by the thirty analysts that are currently covering the company, MarketBeat reports. Three analysts have rated the stock with a sell recommendation, eighteen have issued a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $63.72.

A number of brokerages recently issued reports on ETSY. B. Riley restated a “buy” rating on shares of Etsy in a report on Thursday, October 30th. Wedbush dropped their price target on Etsy from $72.00 to $66.00 and set a “neutral” rating on the stock in a research note on Friday, December 19th. Weiss Ratings upgraded shares of Etsy from a “sell (d+)” rating to a “hold (c-)” rating in a report on Wednesday, October 8th. Cantor Fitzgerald dropped their price target on Etsy from $64.00 to $55.00 and set a “neutral” rating on the stock in a research report on Thursday, January 8th. Finally, UBS Group raised their price objective on Etsy from $67.00 to $75.00 and gave the stock a “neutral” rating in a research report on Monday, October 20th.

Etsy Stock Down 2.6%

NASDAQ:ETSY opened at $57.10 on Thursday. The business’s 50-day moving average price is $56.64 and its 200 day moving average price is $60.55. The firm has a market cap of $5.64 billion, a P/E ratio of 46.05, a PEG ratio of 10.65 and a beta of 1.74. Etsy has a 52-week low of $40.05 and a 52-week high of $76.51.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 EPS for the quarter, beating the consensus estimate of $0.57 by $0.06. The business had revenue of $678.03 million during the quarter, compared to analyst estimates of $655.83 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. The business’s quarterly revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the business earned $0.45 earnings per share. Sell-side analysts expect that Etsy will post 2.57 EPS for the current year.

Etsy declared that its Board of Directors has approved a share buyback plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to repurchase up to 14.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

Insider Activity at Etsy

In related news, insider Josh Silverman sold 86,666 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $57.46, for a total transaction of $4,979,828.36. Following the completion of the sale, the insider directly owned 90,661 shares in the company, valued at approximately $5,209,381.06. This trade represents a 48.87% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Merilee Buckley sold 5,636 shares of the business’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $58.45, for a total value of $329,424.20. The SEC filing for this sale provides additional information. Insiders have sold 154,056 shares of company stock worth $8,931,918 in the last quarter. 2.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several institutional investors have recently made changes to their positions in ETSY. waypoint wealth counsel increased its holdings in Etsy by 33.6% in the fourth quarter. waypoint wealth counsel now owns 4,563 shares of the specialty retailer’s stock worth $253,000 after buying an additional 1,147 shares during the last quarter. M&T Bank Corp grew its position in Etsy by 616.5% in the fourth quarter. M&T Bank Corp now owns 27,276 shares of the specialty retailer’s stock worth $1,512,000 after acquiring an additional 23,469 shares in the last quarter. Krilogy Financial LLC increased its stake in shares of Etsy by 33.1% during the 4th quarter. Krilogy Financial LLC now owns 14,163 shares of the specialty retailer’s stock worth $851,000 after purchasing an additional 3,522 shares during the last quarter. Bayforest Capital Ltd bought a new position in shares of Etsy during the 4th quarter valued at $429,000. Finally, Merit Financial Group LLC raised its holdings in shares of Etsy by 19.1% during the 4th quarter. Merit Financial Group LLC now owns 24,710 shares of the specialty retailer’s stock valued at $1,370,000 after purchasing an additional 3,958 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Company Profile

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.