Zacks Investment Research Upgrades Etsy (ETSY) to “Buy”

Etsy (NASDAQ:ETSY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $23.00 price target on the specialty retailer’s stock. Zacks Investment Research‘s price objective points to a potential upside of 13.52% from the stock’s current price.

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. “

A number of other brokerages also recently commented on ETSY. BidaskClub downgraded shares of Etsy from a “strong-buy” rating to a “buy” rating in a research note on Saturday, January 6th. KeyCorp started coverage on shares of Etsy in a research note on Wednesday, December 20th. They set an “overweight” rating for the company. Stifel Nicolaus reiterated a “hold” rating and set a $18.00 target price (up previously from $15.00) on shares of Etsy in a research note on Tuesday, November 7th. Royal Bank of Canada boosted their target price on shares of Etsy from $16.00 to $18.00 and gave the stock a “sector perform” rating in a research note on Tuesday, November 7th. Finally, Piper Jaffray Companies reiterated a “neutral” rating and set a $14.50 target price on shares of Etsy in a research note on Wednesday, October 4th. Ten equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Etsy has an average rating of “Hold” and an average price target of $15.92.

Shares of Etsy (NASDAQ ETSY) traded down $0.64 during mid-day trading on Tuesday, hitting $20.26. 2,651,100 shares of the company were exchanged, compared to its average volume of 2,228,914. The company has a current ratio of 4.26, a quick ratio of 4.26 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $2,470.00 and a P/E ratio of 168.83. Etsy has a 12-month low of $9.41 and a 12-month high of $21.86.

Etsy declared that its board has initiated a stock repurchase plan on Friday, November 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the specialty retailer to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

In other Etsy news, Director Frederick R. Wilson sold 87,938 shares of the company’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $16.24, for a total value of $1,428,113.12. Following the completion of the transaction, the director now owns 822,062 shares in the company, valued at $13,350,286.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 4.00% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. boosted its stake in Etsy by 12.0% in the second quarter. Ameritas Investment Partners Inc. now owns 10,160 shares of the specialty retailer’s stock valued at $152,000 after acquiring an additional 1,092 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Etsy by 9.0% during the second quarter. Principal Financial Group Inc. now owns 16,099 shares of the specialty retailer’s stock worth $241,000 after buying an additional 1,330 shares during the period. Amalgamated Bank boosted its stake in shares of Etsy by 14.9% during the second quarter. Amalgamated Bank now owns 14,788 shares of the specialty retailer’s stock worth $222,000 after buying an additional 1,920 shares during the period. Royal Bank of Canada boosted its stake in shares of Etsy by 30.3% during the second quarter. Royal Bank of Canada now owns 8,812 shares of the specialty retailer’s stock worth $133,000 after buying an additional 2,049 shares during the period. Finally, California Public Employees Retirement System boosted its stake in shares of Etsy by 0.9% during the third quarter. California Public Employees Retirement System now owns 385,600 shares of the specialty retailer’s stock worth $6,509,000 after buying an additional 3,400 shares during the period. Institutional investors own 74.40% of the company’s stock.

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About Etsy

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.

Analyst Recommendations for Etsy (NASDAQ:ETSY)

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