Etsy (NASDAQ:ETSY) Upgraded to “Outperform” at Royal Bank of Canada

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Royal Bank of Canada upgraded shares of Etsy (NASDAQ:ETSY) from a sector perform rating to an outperform rating in a research report sent to investors on Thursday, September 19th, BenzingaRatingsTable reports. The firm currently has $68.00 target price on the specialty retailer’s stock, up from their prior target price of $63.00.

Several other research firms have also weighed in on ETSY. Stifel Nicolaus upgraded Etsy from a hold rating to a buy rating and set a $70.00 price target on the stock in a report on Wednesday, August 21st. Wedbush upgraded Etsy from a neutral rating to an outperform rating and increased their price target for the company from $64.00 to $66.00 in a report on Friday, September 13th. BTIG Research upgraded Etsy from a neutral rating to a buy rating and set a $79.00 price target on the stock in a report on Thursday, July 25th. Canaccord Genuity set a $85.00 price target on Etsy and gave the company a buy rating in a report on Friday, August 2nd. Finally, DA Davidson reiterated a buy rating on shares of Etsy in a research note on Monday, August 5th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. Etsy presently has an average rating of Buy and an average price target of $72.25.

Shares of NASDAQ ETSY traded up $1.49 during midday trading on Thursday, reaching $59.26. 2,694,134 shares of the stock traded hands, compared to its average volume of 4,710,672. The company’s 50 day moving average is $54.86 and its 200 day moving average is $61.80. Etsy has a one year low of $38.02 and a one year high of $73.35. The stock has a market capitalization of $7.14 billion, a PE ratio of 97.15, a P/E/G ratio of 3.78 and a beta of 1.01. 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 quarterly earnings results on Thursday, August 1st. The specialty retailer reported $0.14 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.14. Etsy had a return on equity of 26.77% and a net margin of 15.83%. The company had revenue of $181.10 million for the quarter, compared to analyst estimates of $183.28 million. During the same quarter in the prior year, the firm posted $0.07 EPS. Etsy’s quarterly revenue was up 36.8% compared to the same quarter last year. As a group, equities analysts forecast that Etsy will post 0.74 EPS for the current year.

In other news, CTO Michael T. Fisher sold 5,208 shares of the stock in a transaction on Friday, October 4th. The stock was sold at an average price of $56.32, for a total transaction of $293,314.56. Following the transaction, the chief technology officer now owns 24,168 shares of the company’s stock, valued at approximately $1,361,141.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Goyal Kruti Patel sold 3,754 shares of the stock in a transaction on Wednesday, October 2nd. The stock was sold at an average price of $53.28, for a total value of $200,013.12. Following the transaction, the senior vice president now directly owns 11,406 shares in the company, valued at approximately $607,711.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 22,668 shares of company stock worth $1,216,792. Insiders own 3.00% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of ETSY. 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 valued at $11,429,000 after purchasing an additional 87,209 shares in the last quarter. Geode Capital Management LLC boosted its position in Etsy by 7.5% during the fourth 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 in the last quarter. Comerica Bank boosted its position in Etsy by 6.8% during the first quarter. Comerica Bank now owns 33,103 shares of the specialty retailer’s stock valued at $2,258,000 after purchasing an additional 2,100 shares in the last quarter. Stephens Inc. AR bought a new stake in Etsy during the first quarter valued at about $319,000. Finally, Raymond James Financial Services Advisors Inc. boosted its position in Etsy by 61.5% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 82,760 shares of the specialty retailer’s stock valued at $5,563,000 after purchasing an additional 31,504 shares in the last quarter. 92.44% of the stock is currently 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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