Etsy (NASDAQ:ETSY) Receives “Buy” Rating from Guggenheim

Guggenheim reissued their buy rating on shares of Etsy (NASDAQ:ETSY) in a research report released on Thursday,Benzinga reports. Guggenheim currently has a $70.00 price target on the specialty retailer’s stock.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. upped their target price on shares of Etsy from $50.00 to $53.00 and gave the company a “neutral” rating in a research note on Tuesday, July 22nd. Canaccord Genuity Group set a $76.00 price objective on shares of Etsy in a research report on Wednesday, July 30th. Raymond James Financial lifted their target price on Etsy from $50.00 to $70.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 22nd. Bank of America boosted their price target on Etsy from $67.00 to $71.00 and gave the stock a “neutral” rating in a research note on Thursday, July 31st. Finally, Sanford C. Bernstein raised their price objective on Etsy from $45.00 to $50.00 and gave the company a “market perform” rating in a research note on Thursday, July 17th. Eight analysts have rated the stock with a Buy rating, seventeen have issued a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $57.80.

Etsy Price Performance

Shares of NASDAQ ETSY opened at $64.85 on Thursday. Etsy has a 1-year low of $40.05 and a 1-year high of $70.57. The company has a market capitalization of $6.43 billion, a price-to-earnings ratio of 52.30, a PEG ratio of 3.86 and a beta of 1.77. The business has a 50-day moving average of $59.49 and a 200-day moving average of $52.78.

Etsy (NASDAQ:ETSY) last released its quarterly earnings results on Wednesday, July 30th. The specialty retailer reported $0.25 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.29). Etsy had a negative return on equity of 31.10% and a net margin of 5.78%.The company had revenue of $672.66 million for the quarter, compared to analyst estimates of $645.16 million. During the same period last year, the firm posted $0.41 earnings per share. The business’s revenue was up 3.8% on a year-over-year basis. Research analysts expect that Etsy will post 2.57 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, insider Goyal Kruti Patel sold 11,944 shares of the firm’s stock in a transaction on Thursday, August 7th. The stock was sold at an average price of $59.31, for a total transaction of $708,398.64. Following the transaction, the insider directly owned 47,529 shares in the company, valued at $2,818,944.99. This trade represents a 20.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director M Michele Burns sold 14,464 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $62.82, for a total transaction of $908,628.48. Following the sale, the director owned 19,964 shares of the company’s stock, valued at approximately $1,254,138.48. The trade was a 42.01% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 316,482 shares of company stock worth $19,130,691 over the last quarter. 2.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Heritage Wealth Advisors raised its stake in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 405 shares during the period. Signaturefd LLC raised its position in shares of Etsy by 52.7% during the 2nd quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock worth $28,000 after purchasing an additional 192 shares during the period. Allworth Financial LP lifted its holdings in shares of Etsy by 47.6% in the 1st quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock worth $35,000 after purchasing an additional 248 shares during the last quarter. Elevation Point Wealth Partners LLC acquired a new position in Etsy during the 2nd quarter valued at approximately $35,000. Finally, SVB Wealth LLC bought a new position in Etsy during the 1st quarter worth $36,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.