Rosenblatt Securities Initiates Coverage on Etsy (NYSE:ETSY)

Analysts at Rosenblatt Securities initiated coverage on shares of Etsy (NYSE:ETSY) in a note issued to investors on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $95.00 price target on the stock. Rosenblatt Securities’ target price would suggest a potential upside of 17.72% from the company’s previous close.

ETSY has been the subject of a number of other research reports. Needham & Company LLC lifted their target price on shares of Etsy from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Jefferies Financial Group increased their price target on Etsy from $62.00 to $80.00 and gave the stock a “hold” rating in a research report on Tuesday, July 14th. BTIG Research cut Etsy from a “buy” rating to a “neutral” rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft lifted their price objective on Etsy from $74.00 to $75.00 and gave the company a “hold” rating in a research report on Thursday, April 30th. Finally, Bank of America raised Etsy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $88.00 to $105.00 in a research note on Thursday. One analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating, nineteen have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Etsy currently has a consensus rating of “Hold” and a consensus target price of $85.04.

Etsy Stock Performance

Shares of NYSE ETSY opened at $80.70 on Thursday. Etsy has a 52-week low of $44.00 and a 52-week high of $87.97. The business has a fifty day moving average of $79.30 and a two-hundred day moving average of $64.88. The stock has a market cap of $7.66 billion, a PE ratio of 45.08, a PEG ratio of 5.48 and a beta of 1.84.

Etsy (NYSE:ETSY) last posted its earnings results on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing the consensus estimate of $0.75 by ($1.24). The firm had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.The firm’s revenue for the quarter was down .7% compared to the same quarter last year. During the same period in the previous year, the company posted $0.25 EPS. Analysts predict that Etsy will post 3.94 earnings per share for the current year.

Insider Activity at Etsy

In other Etsy news, CFO Charles Baker sold 1,564 shares of Etsy stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $85.88, for a total transaction of $134,316.32. Following the completion of the sale, the chief financial officer owned 11,357 shares of the company’s stock, valued at approximately $975,339.16. The trade was a 12.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 405 shares of Etsy stock in a transaction on Monday, August 17th. The stock was sold at an average price of $79.50, for a total transaction of $32,197.50. Following the sale, the chief accounting officer directly owned 167 shares of the company’s stock, valued at $13,276.50. This represents a 70.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 604,967 shares of company stock worth $45,141,231 over the last 90 days. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Etsy

Institutional investors have recently modified their holdings of the stock. Two Sigma Securities LLC acquired a new position in Etsy during the second quarter valued at approximately $804,000. Northwestern Mutual Wealth Management Co. increased its stake in Etsy by 49.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 9,159 shares of the company’s stock valued at $690,000 after purchasing an additional 3,048 shares in the last quarter. Empowered Funds LLC acquired a new stake in Etsy in the second quarter worth $3,548,000. United Capital Financial Advisors LLC acquired a new stake in Etsy in the second quarter worth $202,000. Finally, Public Employees Retirement System of Ohio bought a new position in shares of Etsy during the second quarter worth $2,144,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.