Etsy (NASDAQ:ETSY) Releases Quarterly Earnings Results

Etsy (NASDAQ:ETSY) released its quarterly earnings results on Wednesday. The specialty retailer reported $0.45 EPS for the quarter, missing analysts’ consensus estimates of $0.54 by ($0.09), Briefing.com reports. Etsy had a negative return on equity of 47.52% and a net margin of 9.17%. The business had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same period in the prior year, the business earned $0.64 EPS. The company’s revenue for the quarter was up 4.1% compared to the same quarter last year.

Etsy Stock Performance

Shares of ETSY stock opened at $52.77 on Friday. The stock’s fifty day moving average price is $52.60 and its two-hundred day moving average price is $58.15. The company has a market cap of $6.06 billion, a PE ratio of 26.92, a P/E/G ratio of 5.39 and a beta of 1.97. Etsy has a fifty-two week low of $47.10 and a fifty-two week high of $89.58.

Etsy announced that its board has authorized a stock repurchase program on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Etsy

In related news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Nicholas Daniel sold 750 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $55.40, for a total transaction of $41,550.00. Following the transaction, the insider now directly owns 18,083 shares of the company’s stock, valued at $1,001,798.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $85,660.36. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 4,619 shares of company stock worth $240,825. Corporate insiders own 2.60% of the company’s stock.

Analysts Set New Price Targets

ETSY has been the subject of several recent research reports. Evercore ISI raised Etsy to a “strong-buy” rating in a research report on Thursday, August 1st. Barclays reduced their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research report on Thursday. Stifel Nicolaus lowered their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company reduced their target price on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a report on Friday. Finally, Cantor Fitzgerald reissued a “neutral” rating and set a $50.00 price target on shares of Etsy in a research report on Monday, October 7th. Four analysts have rated the stock with a sell rating, twelve have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $64.87.

About Etsy

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.