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

Etsy (NASDAQ:ETSY)‘s stock had its “buy” rating reiterated by investment analysts at Needham & Company LLC in a research note issued on Thursday,Benzinga reports. They presently have a $60.00 target price on the specialty retailer’s stock. Needham & Company LLC’s target price would indicate a potential upside of 16.44% from the stock’s current price.

Other analysts have also issued reports about the stock. Barclays cut their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. JMP Securities reiterated a “market perform” rating on shares of Etsy in a research note on Monday, December 16th. Wells Fargo & Company dropped their price objective on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research note on Friday, November 1st. Moffett Nathanson boosted their price objective on shares of Etsy from $60.00 to $61.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Morgan Stanley dropped their price objective on Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a research report on Monday, January 13th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $62.21.

Etsy Trading Down 10.1 %

Shares of Etsy stock opened at $51.53 on Thursday. The firm’s 50-day moving average price is $54.73 and its 200 day moving average price is $53.83. The firm has a market capitalization of $5.80 billion, a PE ratio of 26.29, a P/E/G ratio of 2.83 and a beta of 2.00. Etsy has a twelve month low of $47.10 and a twelve month high of $78.65.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, February 19th. The specialty retailer reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.08. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company had revenue of $852.16 million during the quarter, compared to analysts’ expectations of $861.37 million. During the same quarter in the prior year, the company earned $0.62 EPS. Etsy’s revenue was up 1.2% compared to the same quarter last year. On average, sell-side analysts predict that Etsy will post 2.25 EPS for the current fiscal year.

Etsy announced that its board has initiated a stock repurchase program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now directly owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.60% of the stock is owned by company insiders.

Institutional Investors Weigh In On Etsy

Hedge funds have recently added to or reduced their stakes in the stock. Pacer Advisors Inc. boosted its stake in Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after acquiring an additional 3,861,668 shares during the last quarter. Norges Bank bought a new position in Etsy in the fourth quarter valued at $74,235,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Etsy during the 3rd quarter worth approximately $55,530,000. Holocene Advisors LP acquired a new position in shares of Etsy during the 3rd quarter worth about $49,061,000. Finally, Assenagon Asset Management S.A. increased its position in Etsy by 132.9% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock worth $78,827,000 after buying an additional 850,520 shares during 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.