Etsy (NYSE:ETSY) Raised to “Buy” at Wall Street Zen
by Kim Johansen · The Markets DailyEtsy (NYSE:ETSY – Get Free Report) was upgraded by investment analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.
Other equities research analysts have also issued reports about the company. Jefferies Financial Group cut their price objective on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, February 12th. Truist Financial boosted their price objective on Etsy from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, February 20th. Wedbush cut their price objective on Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, December 19th. Stifel Nicolaus cut their price objective on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research note on Friday, February 20th. Finally, Needham & Company LLC cut their price objective on Etsy from $76.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have assigned a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $61.67.
Etsy Trading Up 0.2%
Shares of Etsy stock opened at $52.77 on Friday. Etsy has a twelve month low of $41.51 and a twelve month high of $76.51. The company has a 50-day simple moving average of $52.06. The stock has a market cap of $5.08 billion, a price-to-earnings ratio of 40.28, a PEG ratio of 3.36 and a beta of 1.77.
Etsy (NYSE:ETSY – Get Free Report) last posted its quarterly earnings data on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping the consensus estimate of $0.88 by $0.04. Etsy had a negative return on equity of 24.94% and a net margin of 5.65%.The company had revenue of $881.64 million during the quarter.
Etsy declared that its Board of Directors has authorized a stock buyback program on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 14.2% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
Insider Transactions at Etsy
In other news, Director Charles Andrew Ballard sold 1,790 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total transaction of $99,774.60. Following the transaction, the director directly owned 4,006 shares in the company, valued at $223,294.44. The trade was a 30.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Josh Silverman sold 21,666 shares of the business’s stock in a transaction that occurred on Monday, February 2nd. The stock was sold at an average price of $53.26, for a total value of $1,153,931.16. Following the transaction, the insider owned 90,661 shares in the company, valued at approximately $4,828,604.86. This represents a 19.29% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 43,971 shares of company stock worth $2,326,623 in the last ninety days. Insiders own 2.80% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in ETSY. EFG International AG acquired a new position in Etsy in the fourth quarter valued at approximately $33,000. Salomon & Ludwin LLC acquired a new position in Etsy in the third quarter valued at approximately $55,000. SJS Investment Consulting Inc. lifted its holdings in Etsy by 12,600.0% in the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock valued at $51,000 after acquiring an additional 756 shares during the last quarter. Abich Financial Wealth Management LLC acquired a new position in Etsy in the third quarter valued at approximately $51,000. Finally, Danske Bank A S acquired a new position in Etsy in the third quarter valued at approximately $66,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.
Etsy Company Profile
Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.