Etsy (NASDAQ:ETSY) Upgraded by Stifel Nicolaus to Buy

Etsy (NASDAQ:ETSY) was upgraded by equities researchers at Stifel Nicolaus from a “hold” rating to a “buy” rating in a report issued on Wednesday, The Fly reports. The brokerage currently has a $70.00 price target on the specialty retailer’s stock. Stifel Nicolaus’ target price indicates a potential upside of 29.03% from the company’s previous close.

The analysts wrote, “We are upgrading shares of and retaining our $70 target price. Since Etsy reported second quarter results in early August, shares have declined by ~20% (versus the S&P down ~1%). While GMS exceeded expectations in the quarter, revenue came in slightly below estimates due to lower-than-expected seller services revenue. Also, more short-term-oriented momentum investors may have exited positions as the company comps its price increases beginning in 3Q:19. We think concerns are transitory and would take advantage of the pullback in this emerging leader in 3P eCommerce. Our note summarizing 2Q:19 results can be found here.””

A number of other research firms have also recently issued reports on ETSY. TheStreet cut Etsy from a “b” rating to a “c+” rating in a research note on Friday, May 24th. Roth Capital lifted their target price on Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, May 1st. KeyCorp set a $90.00 price objective on Etsy and gave the stock a “buy” rating in a report on Friday, August 2nd. BTIG Research raised Etsy from a “neutral” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Thursday, July 25th. Finally, BidaskClub lowered Etsy from a “hold” rating to a “sell” rating in a report on Thursday, August 15th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and eleven have issued a buy rating to the company. Etsy currently has a consensus rating of “Buy” and a consensus price target of $73.13.

Shares of ETSY traded up $1.36 during trading hours on Wednesday, hitting $54.25. The stock had a trading volume of 1,943,725 shares, compared to its average volume of 2,653,625. The company’s fifty day moving average is $61.88 and its two-hundred day moving average is $63.69. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.47 and a quick ratio of 4.47. Etsy has a 52 week low of $38.02 and a 52 week high of $73.35. The stock has a market capitalization of $6.34 billion, a price-to-earnings ratio of 88.93, a P/E/G ratio of 3.29 and a beta of 0.92.

Etsy (NASDAQ:ETSY) last released its earnings results on Thursday, August 1st. The specialty retailer reported $0.14 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.14. Etsy had a net margin of 15.83% and a return on equity of 26.77%. The company had revenue of $181.10 million for the quarter, compared to the consensus estimate of $183.28 million. During the same period in the prior year, the company posted $0.07 EPS. The company’s revenue was up 36.8% compared to the same quarter last year. Equities analysts predict that Etsy will post 0.78 EPS for the current fiscal year.

In related news, insider Michael T. Fisher sold 5,208 shares of the business’s stock in a transaction on Tuesday, August 6th. The shares were sold at an average price of $55.30, for a total value of $288,002.40. Following the completion of the sale, the insider now directly owns 22,580 shares of the company’s stock, valued at $1,248,674. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Michael T. Fisher sold 5,209 shares of the business’s stock in a transaction on Thursday, June 6th. The shares were sold at an average price of $61.31, for a total transaction of $319,363.79. Following the completion of the sale, the chief technology officer now directly owns 32,435 shares of the company’s stock, valued at $1,988,589.85. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,572 shares of company stock valued at $2,046,791. Insiders own 3.00% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP boosted its position in Etsy by 57.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 240,246 shares of the specialty retailer’s stock worth $11,429,000 after acquiring an additional 87,209 shares during the last quarter. Geode Capital Management LLC lifted its position in Etsy by 7.5% during the 4th quarter. Geode Capital Management LLC now owns 1,498,337 shares of the specialty retailer’s stock valued at $71,275,000 after purchasing an additional 104,042 shares during the period. Wedbush Securities Inc. acquired a new position in Etsy during the 1st quarter valued at about $246,000. Foundry Partners LLC acquired a new position in Etsy during the 1st quarter valued at about $1,554,000. Finally, First Quadrant L P CA lifted its position in Etsy by 82.3% during the 1st quarter. First Quadrant L P CA now owns 1,730 shares of the specialty retailer’s stock valued at $116,000 after purchasing an additional 781 shares during the period. 92.92% of the stock is owned by institutional investors and hedge funds.

Etsy Company Profile

Etsy, Inc operates Etsy.com, a commerce platform to make, sell, and buy goods online and offline primarily in the United States, United Kingdom, Canada, Australia, France, and Germany. It provides various seller services and tools that are designed to help entrepreneurs for starting, managing, and scaling their businesses.

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Analyst Recommendations for Etsy (NASDAQ:ETSY)

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