BidaskClub Downgrades Etsy (ETSY) to Buy

Etsy (NASDAQ:ETSY) was downgraded by stock analysts at BidaskClub from a “strong-buy” rating to a “buy” rating in a research note issued on Saturday.

Several other research analysts also recently commented on ETSY. Zacks Investment Research downgraded Etsy from a “buy” rating to a “hold” rating in a report on Wednesday, September 13th. Piper Jaffray Companies reiterated a “neutral” rating and issued a $14.50 price objective on shares of Etsy in a report on Wednesday, October 4th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $18.00 price objective (up previously from $16.00) on shares of Etsy in a report on Thursday, November 2nd. Stifel Nicolaus reiterated a “hold” rating and issued a $18.00 price objective (up previously from $15.00) on shares of Etsy in a report on Tuesday, November 7th. Finally, Ifs Securities reiterated an “outperform” rating and issued a $22.00 price objective (up previously from $18.00) on shares of Etsy in a report on Tuesday, November 7th. Eleven equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $15.69.

Etsy (ETSY) opened at $20.25 on Friday. The company has a market capitalization of $2,464.72, a PE ratio of 168.75, a PEG ratio of 3.94 and a beta of 1.17. The company has a quick ratio of 4.26, a current 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.

Etsy announced that its board has initiated a stock buyback program on Friday, November 17th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to purchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

In related news, Director Frederick R. Wilson sold 87,938 shares of the firm’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $16.24, for a total value of $1,428,113.12. Following the sale, the director now directly owns 822,062 shares of the company’s stock, valued at $13,350,286.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of ETSY. Janus Henderson Group PLC bought a new stake in shares of Etsy in the second quarter worth about $95,291,000. TPG Group Holdings SBS Advisors Inc. boosted its position in Etsy by 2,287.5% during the 2nd quarter. TPG Group Holdings SBS Advisors Inc. now owns 5,003,888 shares of the specialty retailer’s stock valued at $75,058,000 after acquiring an additional 4,794,297 shares in the last quarter. Southpoint Capital Advisors LP bought a new stake in Etsy during the 2nd quarter valued at approximately $16,650,000. Prudential Financial Inc. bought a new stake in Etsy during the 3rd quarter valued at approximately $13,091,000. Finally, Pictet Asset Management Ltd. bought a new stake in Etsy during the 3rd quarter valued at approximately $11,541,000. 74.40% of the stock is currently owned by institutional investors.

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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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