Etsy Inc (NASDAQ:ETSY) – KeyCorp cut their Q2 2018 earnings estimates for shares of Etsy in a report released on Tuesday. KeyCorp analyst E. Yruma now expects that the specialty retailer will earn $0.01 per share for the quarter, down from their prior estimate of $0.02. KeyCorp currently has a “Overweight” rating and a $28.00 target price on the stock. KeyCorp also issued estimates for Etsy’s Q3 2018 earnings at $0.09 EPS, Q4 2018 earnings at $0.20 EPS, FY2018 earnings at $0.35 EPS and FY2019 earnings at $0.47 EPS.
ETSY has been the topic of several other research reports. Morgan Stanley lowered Etsy from an “equal weight” rating to an “underweight” rating and set a $17.00 price objective on the stock. in a research report on Friday, January 12th. Royal Bank of Canada restated a “sector perform” rating and issued a $18.00 price objective (up previously from $16.00) on shares of Etsy in a research report on Thursday, November 2nd. BidaskClub upgraded Etsy from a “hold” rating to a “buy” rating in a research report on Saturday, December 9th. Zacks Investment Research upgraded Etsy from a “sell” rating to a “hold” rating in a research report on Wednesday, February 21st. Finally, Stifel Nicolaus restated a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Etsy in a research report on Tuesday, November 7th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. Etsy presently has a consensus rating of “Hold” and an average target price of $19.18.
Etsy declared that its Board of Directors has authorized a share repurchase plan on Friday, November 17th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its stock is undervalued.
In other news, Director Jonathan D. Klein sold 50,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $21.31, for a total transaction of $1,065,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 4.00% of the company’s stock.
Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its holdings in Etsy by 2.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 444,549 shares of the specialty retailer’s stock valued at $7,504,000 after purchasing an additional 11,449 shares in the last quarter. Creative Planning purchased a new position in Etsy in the 4th quarter valued at $619,000. American Century Companies Inc. lifted its holdings in Etsy by 133.0% in the 4th quarter. American Century Companies Inc. now owns 436,185 shares of the specialty retailer’s stock valued at $8,920,000 after purchasing an additional 249,017 shares in the last quarter. Allen Investment Management LLC purchased a new position in Etsy in the 3rd quarter valued at $1,080,000. Finally, Legal & General Group Plc lifted its holdings in Etsy by 56.4% in the 3rd quarter. Legal & General Group Plc now owns 50,039 shares of the specialty retailer’s stock valued at $845,000 after purchasing an additional 18,051 shares in the last quarter. Hedge funds and other institutional investors own 80.42% of the company’s stock.
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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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