Etsy, Inc. (NASDAQ:ETSY) Receives $64.24 Average Target Price from Analysts

Shares of Etsy, Inc. (NASDAQ:ETSY) have received an average recommendation of “Hold” from the thirty-one brokerages that are currently covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a sell recommendation, nineteen have assigned a hold recommendation, eight have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $64.24.

Several equities research analysts have recently issued reports on ETSY shares. Raymond James Financial restated an “outperform” rating and issued a $78.00 price objective (down previously from $80.00) on shares of Etsy in a research note on Thursday, October 30th. Truist Financial raised their price target on shares of Etsy from $75.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, October 29th. Wedbush cut their price objective on shares of Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a research report on Friday, December 19th. Zacks Research upgraded shares of Etsy from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 10th. Finally, Needham & Company LLC boosted their price target on Etsy from $72.00 to $76.00 and gave the company a “buy” rating in a research note on Thursday, October 30th.

Etsy Stock Performance

Etsy stock opened at $61.39 on Friday. Etsy has a 52 week low of $40.05 and a 52 week high of $76.51. The firm has a market capitalization of $6.06 billion, a PE ratio of 49.51, a PEG ratio of 10.65 and a beta of 1.74. The business’s 50-day simple moving average is $56.18 and its 200-day simple moving average is $59.77.

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

Etsy announced that its Board of Directors has authorized a stock buyback program on Thursday, December 18th that permits the company to buyback $750.00 million in outstanding shares. This buyback authorization permits the specialty retailer to buy up to 14.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Etsy

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

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Heritage Wealth Advisors boosted its holdings in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 405 shares in the last quarter. Signaturefd LLC lifted its position in shares of Etsy by 52.7% during the 2nd quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after buying an additional 192 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy during the 2nd quarter worth approximately $35,000. Salomon & Ludwin LLC acquired a new stake in Etsy in the 3rd quarter valued at $55,000. Finally, SJS Investment Consulting Inc. grew its position in Etsy by 12,600.0% in the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 756 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Etsy

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.