SunTrust Banks Begins Coverage on Etsy (NASDAQ:ETSY)

Stock analysts at SunTrust Banks started coverage on shares of Etsy (NASDAQ:ETSY) in a report released on Friday, The Fly reports. The brokerage set a “buy” rating and a $112.00 price target on the specialty retailer’s stock. SunTrust Banks’ target price would indicate a potential upside of 9.23% from the stock’s previous close.

Several other research analysts also recently commented on ETSY. Royal Bank of Canada increased their price objective on Etsy from $79.00 to $117.00 and gave the company an “outperform” rating in a research note on Tuesday, June 23rd. Canaccord Genuity raised their price target on shares of Etsy from $70.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, May 7th. Roth Capital upped their price objective on shares of Etsy from $61.00 to $67.00 and gave the company a “neutral” rating in a research note on Thursday, May 21st. DA Davidson decreased their target price on shares of Etsy from $78.00 to $66.00 in a research note on Monday, April 6th. Finally, ValuEngine lowered Etsy from a “buy” rating to a “hold” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Etsy presently has a consensus rating of “Buy” and a consensus price target of $86.05.

ETSY opened at $102.54 on Friday. The firm’s fifty day simple moving average is $82.32 and its two-hundred day simple moving average is $58.12. Etsy has a 52-week low of $29.95 and a 52-week high of $104.28. The company has a market cap of $12.17 billion, a price-to-earnings ratio of 168.10, a PEG ratio of 4.34 and a beta of 1.69. The company has a quick ratio of 5.71, a current ratio of 5.71 and a debt-to-equity ratio of 2.08.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings results on Wednesday, May 6th. The specialty retailer reported $0.10 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.08). Etsy had a net margin of 8.76% and a return on equity of 18.68%. The company had revenue of $228.05 million during the quarter, compared to analysts’ expectations of $219.34 million. During the same period in the prior year, the business posted $0.24 earnings per share. The company’s quarterly revenue was up 34.7% compared to the same quarter last year. On average, research analysts forecast that Etsy will post 1.05 EPS for the current year.

In other Etsy news, insider Goyal Kruti Patel sold 3,399 shares of the stock in a transaction that occurred on Tuesday, April 7th. The shares were sold at an average price of $50.00, for a total transaction of $169,950.00. Following the sale, the insider now directly owns 23,325 shares in the company, valued at approximately $1,166,250. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jonathan D. Klein sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $100.00, for a total transaction of $2,500,000.00. Following the completion of the transaction, the director now directly owns 79,613 shares of the company’s stock, valued at approximately $7,961,300. The disclosure for this sale can be found here. Insiders have sold a total of 308,090 shares of company stock valued at $22,537,118 over the last 90 days. 3.80% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State Street Corp raised its position in Etsy by 4.6% in the 1st quarter. State Street Corp now owns 2,921,528 shares of the specialty retailer’s stock valued at $112,304,000 after purchasing an additional 127,428 shares in the last quarter. New Mexico Educational Retirement Board increased its stake in shares of Etsy by 37.6% during the first quarter. New Mexico Educational Retirement Board now owns 28,200 shares of the specialty retailer’s stock worth $1,084,000 after buying an additional 7,700 shares during the period. Samlyn Capital LLC acquired a new stake in Etsy in the first quarter valued at approximately $3,203,000. FDx Advisors Inc. purchased a new position in Etsy in the first quarter worth approximately $1,362,000. Finally, HighTower Advisors LLC grew its holdings in Etsy by 57.7% during the 1st quarter. HighTower Advisors LLC now owns 13,254 shares of the specialty retailer’s stock worth $506,000 after acquiring an additional 4,851 shares in the last quarter. 97.95% of the stock is owned by hedge funds and other institutional investors.

About Etsy

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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