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

Needham & Company LLC reiterated their buy rating on shares of Etsy (NASDAQ:ETSY) in a research report report published on Thursday morning,Benzinga reports. Needham & Company LLC currently has a $60.00 price target on the specialty retailer’s stock.

Several other equities research analysts also recently issued reports on ETSY. Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Barclays lowered their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft downgraded Etsy to a “hold” rating and lowered their price target for the company from $45.00 to $43.00 in a research report on Wednesday, February 12th. Citigroup raised their price target on Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a research report on Friday, February 14th. Finally, Truist Financial lowered their price target on Etsy from $70.00 to $67.00 and set a “buy” rating on the stock in a research report on Wednesday, January 29th. Four investment analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Etsy currently has an average rating of “Hold” and an average price target of $60.08.

Etsy Price Performance

NASDAQ ETSY opened at $51.40 on Thursday. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $78.65. The stock’s 50-day moving average is $54.58 and its two-hundred day moving average is $53.81. The firm has a market cap of $5.78 billion, a P/E ratio of 26.22, a price-to-earnings-growth ratio of 2.83 and a beta of 2.00.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results 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. The company had revenue of $852.16 million for the quarter, compared to the consensus estimate of $861.37 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm’s revenue was up 1.2% compared to the same quarter last year. During the same period last year, the business posted $0.62 earnings per share. On average, equities analysts expect that Etsy will post 2.25 EPS for the current year.

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

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the completion of the transaction, the insider now owns 22,198 shares in the company, valued at approximately $1,228,437.32. The trade was a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 2.60% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its stake in shares of Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after acquiring an additional 231 shares during the last quarter. Lindbrook Capital LLC raised its position in Etsy by 55.7% in the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after purchasing an additional 181 shares during the last quarter. True Wealth Design LLC raised its position in Etsy by 112.7% in the 4th quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer’s stock worth $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC bought a new position in Etsy in the 4th quarter worth approximately $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new position in Etsy in the 4th quarter worth approximately $34,000. 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.