Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Moffett Nathanson Analyst Says

Etsy (NASDAQ:ETSY) had its price objective upped by Moffett Nathanson from $60.00 to $61.00 in a research report report published on Tuesday,Benzinga reports. They currently have a neutral rating on the specialty retailer’s stock.

Several other research firms have also weighed in on ETSY. Raymond James lowered their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Etsy in a research note on Monday, October 7th. Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Bank of America decreased their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Finally, Wedbush cut their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Four research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $64.71.

Etsy Trading Down 0.9 %

NASDAQ ETSY opened at $54.31 on Tuesday. Etsy has a 1-year low of $47.10 and a 1-year high of $89.58. The company has a market capitalization of $6.11 billion, a price-to-earnings ratio of 27.71, a PEG ratio of 6.57 and a beta of 1.99. The stock’s 50 day moving average is $52.02 and its two-hundred day moving average is $56.47.

Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same period in the prior year, the firm earned $0.64 EPS. Etsy’s quarterly revenue was up 4.1% compared to the same quarter last year. On average, analysts predict that Etsy will post 2.25 earnings per share for the current year.

Etsy declared that its board has initiated a share buyback program on Wednesday, October 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its shares are undervalued.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now owns 18,083 shares in the company, valued at $1,001,798.20. The trade was a 3.98 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,819 shares of company stock valued at $303,438. 2.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Teachers Retirement System of The State of Kentucky grew its stake in shares of Etsy by 32.0% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 27,911 shares of the specialty retailer’s stock valued at $1,550,000 after buying an additional 6,766 shares in the last quarter. Coldstream Capital Management Inc. grew its position in shares of Etsy by 11.6% in the 3rd quarter. Coldstream Capital Management Inc. now owns 4,302 shares of the specialty retailer’s stock valued at $239,000 after acquiring an additional 448 shares during the period. M&T Bank Corp increased its stake in shares of Etsy by 18.8% during the 3rd quarter. M&T Bank Corp now owns 5,600 shares of the specialty retailer’s stock worth $311,000 after purchasing an additional 885 shares during the last quarter. PYA Waltman Capital LLC raised its holdings in shares of Etsy by 34.3% in the 3rd quarter. PYA Waltman Capital LLC now owns 23,048 shares of the specialty retailer’s stock valued at $1,280,000 after purchasing an additional 5,889 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Etsy in the 3rd quarter valued at about $4,376,000. Institutional investors own 99.53% of the company’s stock.

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.