Etsy (NASDAQ:ETSY) Lifted to “Outperform” at Wedbush

Wedbush upgraded shares of Etsy (NASDAQ:ETSY) from a neutral rating to an outperform rating in a research note issued to investors on Friday morning, BenzingaRatingsTable reports. The brokerage currently has $66.00 price objective on the specialty retailer’s stock, up from their prior price objective of $64.00. Wedbush also issued estimates for Etsy’s Q2 2020 earnings at $0.18 EPS.

ETSY has been the subject of several other reports. Canaccord Genuity set a $85.00 target price on shares of Etsy and gave the company a buy rating in a research note on Friday, August 2nd. KeyCorp set a $90.00 target price on shares of Etsy and gave the company a buy rating in a research note on Friday, August 2nd. BTIG Research raised shares of Etsy from a neutral rating to a buy rating and set a $79.00 target price for the company in a research note on Thursday, July 25th. DA Davidson reissued a buy rating on shares of Etsy in a research note on Monday, August 5th. Finally, Needham & Company LLC assumed coverage on shares of Etsy in a research note on Monday, July 1st. They set a buy rating and a $75.00 target price for the company. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twelve have assigned a buy rating to the stock. Etsy currently has an average rating of Buy and an average price target of $73.27.

ETSY stock opened at $57.84 on Friday. Etsy has a 12 month low of $38.02 and a 12 month high of $73.35. The firm has a market cap of $6.97 billion, a PE ratio of 94.82, a P/E/G ratio of 3.37 and a beta of 1.01. The firm has a 50 day simple moving average of $55.42 and a 200 day simple moving average of $63.39. 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 (NASDAQ:ETSY) last released its earnings results on Thursday, August 1st. The specialty retailer reported $0.14 EPS for the quarter, meeting the consensus estimate of $0.14. Etsy had a net margin of 15.83% and a return on equity of 26.77%. The business had revenue of $181.10 million during the quarter, compared to analyst estimates of $183.28 million. During the same period in the prior year, the business earned $0.07 earnings per share. The business’s quarterly revenue was up 36.8% on a year-over-year basis. As a group, sell-side analysts expect that Etsy will post 0.79 earnings per share for the current year.

In related news, SVP Goyal Kruti Patel sold 4,505 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $61.80, for a total value of $278,409.00. Following the completion of the sale, the senior vice president now owns 16,389 shares in the company, valued at approximately $1,012,840.20. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Michael T. Fisher sold 13,442 shares of the company’s stock in a transaction that occurred on Tuesday, July 2nd. The shares were sold at an average price of $61.82, for a total transaction of $830,984.44. Following the completion of the sale, the chief technology officer now owns 34,258 shares of the company’s stock, valued at approximately $2,117,829.56. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,572 shares of company stock valued at $1,987,881. 3.00% of the stock is owned by insiders.

Several large investors have recently modified their holdings of ETSY. Institutional & Family Asset Management LLC lifted its position in shares of Etsy by 267.7% in the 1st quarter. Institutional & Family Asset Management LLC now owns 467 shares of the specialty retailer’s stock valued at $31,000 after acquiring an additional 340 shares in the last quarter. Hanson McClain Inc. purchased a new stake in shares of Etsy in the 2nd quarter valued at approximately $31,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of Etsy in the 2nd quarter valued at approximately $31,000. BSW Wealth Partners acquired a new position in Etsy in the 2nd quarter valued at approximately $45,000. Finally, Sterling Investment Advisors Ltd. acquired a new position in Etsy in the 2nd quarter valued at approximately $61,000. Institutional investors and hedge funds own 92.44% of the company’s stock.

About Etsy

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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