Needham & Company LLC Reaffirms Buy Rating for Etsy (NASDAQ:ETSY)

Etsy (NASDAQ:ETSY)‘s stock had its “buy” rating reaffirmed by research analysts at Needham & Company LLC in a research note issued to investors on Thursday,Benzinga reports. They presently have a $60.00 price target on the specialty retailer’s stock. Needham & Company LLC’s target price would suggest a potential upside of 17.05% from the company’s current price.

Several other equities analysts have also recently weighed in on ETSY. Barclays lowered their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Deutsche Bank Aktiengesellschaft cut Etsy to a “hold” rating and lowered their price target for the company from $45.00 to $43.00 in a report on Wednesday, February 12th. Citigroup increased their price target on Etsy from $54.00 to $56.00 and gave the company a “neutral” rating in a report on Friday, February 14th. Jefferies Financial Group raised Etsy from an “underperform” rating to a “hold” rating and increased their price target for the company from $45.00 to $55.00 in a report on Monday, January 13th. Finally, Raymond James lowered their price target on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Four equities research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $60.08.

Etsy Trading Down 0.3 %

ETSY stock opened at $51.26 on Thursday. The stock has a market capitalization of $5.77 billion, a PE ratio of 21.63, a price-to-earnings-growth ratio of 2.55 and a beta of 2.00. Etsy has a 12-month low of $47.10 and a 12-month high of $74.82. The stock’s 50 day simple moving average is $54.43 and its 200 day simple moving average is $53.78.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data 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 business had revenue of $852.16 million for the quarter, compared to analysts’ expectations of $861.37 million. Etsy had a negative return on equity of 46.62% and a net margin of 10.80%. The firm’s quarterly revenue was up 1.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.62 EPS. On average, research analysts predict that Etsy will post 2.6 earnings per share for the current year.

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

Insider Activity

In other news, insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the completion of the transaction, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. This trade represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Blue Trust Inc. grew its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares in the last quarter. Lecap Asset Management Ltd. grew its position in Etsy by 75.2% in the third quarter. Lecap Asset Management Ltd. now owns 17,859 shares of the specialty retailer’s stock worth $992,000 after acquiring an additional 7,664 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Etsy in the third quarter worth about $1,233,000. DORCHESTER WEALTH MANAGEMENT Co purchased a new position in Etsy in the third quarter worth about $214,000. Finally, Louisiana State Employees Retirement System grew its position 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 worth $3,082,000 after acquiring an additional 48,900 shares in the last quarter. Hedge funds and other 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.