Etsy’s (ETSY) “Buy” Rating Reaffirmed at Needham & Company LLC

Etsy (NASDAQ:ETSY)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a research note issued on Wednesday, MarketBeat Ratings reports. They presently have a $60.00 target price on the specialty retailer’s stock. Needham & Company LLC’s price objective suggests a potential upside of 23.38% from the stock’s current price.

ETSY has been the topic of a number of other research reports. Wells Fargo & Company decreased their target price on shares of Etsy from $58.00 to $47.00 and set an “underweight” rating on the stock in a research report on Thursday, October 3rd. The Goldman Sachs Group cut shares of Etsy from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $70.00 to $45.00 in a research report on Tuesday, October 15th. Loop Capital reduced their price target on shares of Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research report on Monday, August 12th. Piper Sandler reissued a “neutral” rating and set a $56.00 price target on shares of Etsy in a research report on Friday, August 23rd. Finally, Wedbush reduced their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday. Four analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Etsy presently has a consensus rating of “Hold” and an average price target of $66.83.

Etsy Stock Down 2.0 %

Etsy stock opened at $48.63 on Wednesday. Etsy has a 52-week low of $48.07 and a 52-week high of $89.58. The firm has a market capitalization of $5.69 billion, a price-to-earnings ratio of 22.21, a PEG ratio of 4.99 and a beta of 1.97. The company has a fifty day simple moving average of $53.20 and a 200-day simple moving average of $58.90.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings data on Wednesday, July 31st. The specialty retailer reported $0.41 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.46 by ($0.05). Etsy had a net margin of 10.36% and a negative return on equity of 51.94%. The firm had revenue of $647.80 million during the quarter, compared to analysts’ expectations of $629.87 million. During the same period in the prior year, the company posted $0.83 EPS. The company’s revenue for the quarter was up 3.0% compared to the same quarter last year. On average, research analysts anticipate that Etsy will post 2.38 EPS for the current fiscal year.

Insider Transactions at Etsy

In other news, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the transaction, the insider now directly owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction 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 transaction, the insider now directly owns 18,083 shares in the company, valued at $1,001,798.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction on 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 owns 592 shares in the company, valued at approximately $30,257.12. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,619 shares of company stock worth $300,670. Insiders own 2.60% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds and other institutional investors have recently bought and sold shares of ETSY. State of Alaska Department of Revenue lifted its holdings in Etsy by 404.3% in the third quarter. State of Alaska Department of Revenue now owns 65,483 shares of the specialty retailer’s stock valued at $3,636,000 after acquiring an additional 52,497 shares during the period. Bristlecone Advisors LLC lifted its holdings in Etsy by 34.2% in the third quarter. Bristlecone Advisors LLC now owns 8,119 shares of the specialty retailer’s stock valued at $451,000 after acquiring an additional 2,067 shares during the period. Louisiana State Employees Retirement System lifted its holdings in Etsy by 740.9% in the third quarter. Louisiana State Employees Retirement System now owns 55,500 shares of the specialty retailer’s stock valued at $3,082,000 after acquiring an additional 48,900 shares during the period. DORCHESTER WEALTH MANAGEMENT Co acquired a new stake in Etsy in the third quarter valued at $214,000. Finally, International Assets Investment Management LLC acquired a new stake in Etsy in the third quarter valued at $1,233,000. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Company Profile

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.