Etsy (ETSY) Downgraded by Zacks Investment Research to “Hold”

Etsy (NASDAQ:ETSY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note 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. “

ETSY has been the subject of a number of other reports. Royal Bank of Canada reiterated a “sector perform” rating and set a $18.00 target price (up from $16.00) on shares of Etsy in a report on Thursday, November 2nd. BidaskClub upgraded shares of Etsy from a “hold” rating to a “buy” rating in a report on Saturday, December 9th. Morgan Stanley lowered shares of Etsy from an “equal weight” rating to an “underweight” rating and set a $17.00 target price for the company. in a report on Friday, January 12th. Ifs Securities reiterated an “outperform” rating and set a $22.00 target price (up from $18.00) on shares of Etsy in a report 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 report on Wednesday, October 4th. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $16.19.

Etsy (NASDAQ ETSY) traded up $0.39 during midday trading on Tuesday, reaching $19.74. 788,300 shares of the company’s stock traded hands, compared to its average volume of 1,970,373. The company has a current ratio of 4.26, a quick ratio of 4.26 and a debt-to-equity ratio of 0.19. Etsy has a twelve month low of $9.41 and a twelve month high of $21.86. The stock has a market capitalization of $2,400.00 and a price-to-earnings ratio of 164.50.

Etsy (NASDAQ:ETSY) last posted its quarterly earnings results on Monday, November 6th. The specialty retailer reported $0.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.07. Etsy had a net margin of 3.77% and a return on equity of 9.19%. equities analysts expect that Etsy will post 0.38 earnings per share for the current year.

Etsy announced that its Board of Directors has approved a stock buyback program on Friday, November 17th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the specialty retailer to repurchase shares of its stock through open market purchases. Stock repurchase programs are typically 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 firm’s stock in a transaction dated 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 sale, the director now directly owns 822,062 shares in the company, valued at $13,350,286.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.00% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of ETSY. Janus Henderson Group PLC purchased a new stake in Etsy in the second quarter worth about $95,291,000. TPG Group Holdings SBS Advisors Inc. lifted its holdings in Etsy by 2,287.5% in the second quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock worth $75,058,000 after buying an additional 4,794,297 shares during the period. Southpoint Capital Advisors LP purchased a new stake in Etsy in the second quarter worth about $16,650,000. Prudential Financial Inc. purchased a new stake in Etsy in the third quarter worth about $13,091,000. Finally, Pictet Asset Management Ltd. purchased a new stake in Etsy in the third quarter worth about $11,541,000. Institutional investors and hedge funds 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.

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