Etsy (ETSY) Stock Rating Lowered by Zacks Investment Research
Zacks Investment Research downgraded shares of Etsy (NASDAQ:ETSY) from a buy rating to a hold rating in a report issued on Tuesday.
According to Zacks, “Etsy, Inc. offers e-commerce services. It provides online and offline marketplaces to buy and sell goods. The company’s product include art, home and living, mobile accessories, jewelry, wedding, and others. It operates primarily in Berlin, Germany, Dublin, Ireland, Hudson, New York, London, United Kingdom, Melbourne, Australia, Paris, France, San Francisco, California and Toronto, Canada. Etsy, Inc. is headquartered in Brooklyn, New York. “
Several other analysts have also recently commented on the company. KeyCorp started coverage on Etsy in a report on Wednesday, December 20th. They issued an overweight rating for the company. Royal Bank of Canada restated a sector perform rating and issued a $18.00 price target (up previously from $16.00) on shares of Etsy in a report on Thursday, November 2nd. BidaskClub upgraded Etsy from a buy rating to a strong-buy rating in a report on Friday, December 22nd. Piper Jaffray Companies restated a neutral rating and issued a $14.50 price target on shares of Etsy in a report on Wednesday, October 4th. Finally, Ifs Securities reiterated an outperform rating and set a $22.00 target price (up previously from $18.00) on shares of Etsy in a report on Tuesday, November 7th. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have issued a buy rating to the company’s stock. Etsy has a consensus rating of Hold and an average price target of $16.19.
Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Monday, November 6th. The specialty retailer reported $0.12 EPS for the quarter, beating the consensus estimate of $0.05 by $0.07. Etsy had a return on equity of 9.19% and a net margin of 3.77%. equities research analysts predict that Etsy will post 0.38 EPS for the current year.
Etsy announced that its Board of Directors has initiated a share buyback program on Friday, November 17th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the specialty retailer to buy shares of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.
In other news, Director Frederick R. Wilson sold 87,938 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $16.24, for a total transaction of $1,428,113.12. Following the completion of the sale, the director now owns 822,062 shares in the company, valued at approximately $13,350,286.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. lifted its position in Etsy by 4.3% during the 2nd quarter. Vanguard Group Inc. now owns 7,873,527 shares of the specialty retailer’s stock worth $118,103,000 after acquiring an additional 325,998 shares in the last quarter. BlackRock Inc. lifted its position in Etsy by 5.5% during the 2nd quarter. BlackRock Inc. now owns 6,701,573 shares of the specialty retailer’s stock worth $100,523,000 after acquiring an additional 351,751 shares in the last quarter. Janus Henderson Group PLC acquired a new position in Etsy during the 2nd quarter worth approximately $95,291,000. TPG Group Holdings SBS Advisors Inc. lifted its position in Etsy by 2,287.5% during the 2nd quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock worth $75,058,000 after acquiring an additional 4,794,297 shares in the last quarter. Finally, State Street Corp lifted its position in Etsy by 4.4% during the 2nd quarter. State Street Corp now owns 2,401,810 shares of the specialty retailer’s stock worth $36,040,000 after acquiring an additional 101,859 shares in the last quarter. 74.40% of the stock is currently owned by hedge funds and other institutional investors.
Etsy Company Profile
Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.
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