Etsy Inc (NYSE:ETSY) Given Consensus Rating of “Hold” by Brokerages

Shares of Etsy Inc (NYSE:ETSY) have earned an average rating of “Hold” from the thirty brokerages that are currently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating, eight have issued a buy rating and two have given a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $60.80.

Several analysts recently issued reports on ETSY shares. UBS Group dropped their target price on Etsy from $74.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Wall Street Zen downgraded Etsy from a “buy” rating to a “hold” rating in a research note on Saturday, March 21st. Truist Financial boosted their price target on Etsy from $80.00 to $83.00 and gave the stock a “buy” rating in a research report on Friday, February 20th. Barclays raised Etsy from an “equal weight” rating to an “overweight” rating and set a $72.00 price objective for the company in a report on Thursday, February 19th. Finally, Needham & Company LLC decreased their target price on shares of Etsy from $76.00 to $65.00 and set a “buy” rating for the company in a research note on Friday, February 20th.

Etsy Stock Down 0.3%

Shares of NYSE ETSY opened at $48.06 on Friday. The firm has a market capitalization of $4.63 billion, a price-to-earnings ratio of 36.69, a price-to-earnings-growth ratio of 3.08 and a beta of 1.74. Etsy has a one year low of $40.05 and a one year high of $76.51. The company has a fifty day moving average price of $53.71.

Etsy (NYSE:ETSY) last issued its quarterly earnings results on Thursday, February 19th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The firm had revenue of $881.64 million for the quarter.

Etsy announced that its Board of Directors has initiated a share buyback plan on Thursday, December 18th that permits the company to repurchase $750.00 million in outstanding shares. This repurchase authorization permits the company to purchase up to 14.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Charles Andrew Ballard sold 1,790 shares of Etsy stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $55.74, for a total value of $99,774.60. Following the transaction, the director owned 4,006 shares of the company’s stock, valued at $223,294.44. This represents a 30.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 116,058 shares of company stock worth $6,576,362. Insiders own 2.80% of the company’s stock.

Institutional Investors Weigh In On Etsy

Several hedge funds have recently added to or reduced their stakes in the business. Holocene Advisors LP raised its position in shares of Etsy by 697.4% in the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the company’s stock valued at $268,045,000 after purchasing an additional 4,673,615 shares during the period. Lone Pine Capital LLC bought a new stake in shares of Etsy during the 3rd quarter worth about $257,614,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Etsy by 62.3% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the company’s stock worth $185,197,000 after buying an additional 1,416,772 shares during the period. Norges Bank acquired a new position in Etsy in the 2nd quarter valued at about $65,207,000. Finally, AQR Capital Management LLC grew its stake in Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after buying an additional 1,177,301 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.