Etsy (NASDAQ:ETSY) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Etsy (NASDAQ:ETSY) from a hold rating to a buy rating in a research note published on Wednesday morning, Zacks.com reports. They currently have $72.00 target price on the specialty retailer’s stock.

According to Zacks, “Etsy, Inc. offers e-commerce services. It provides online and offline marketplaces to buy and sell goods. The company’s product include art, home and living, mobile accessories, jewelry, wedding, and others. It operates primarily in Berlin, Germany, Dublin, Ireland, Hudson, New York, London, United Kingdom, Melbourne, Australia, Paris, France, San Francisco, California and Toronto, Canada. Etsy, Inc. is headquartered in Brooklyn, New York. “

A number of other research firms have also recently issued reports on ETSY. ValuEngine upgraded shares of VESTAS WIND SYS/ADR from a hold rating to a buy rating in a research report on Thursday, May 9th. Stifel Nicolaus upgraded shares of Kimbell Royalty Partners from a hold rating to a buy rating and set a $19.00 price objective on the stock in a research report on Thursday, May 9th. TheStreet cut shares of WESCO International from a b- rating to a c+ rating in a research report on Friday, May 24th. Royal Bank of Canada restated a neutral rating on shares of Prudential Public in a research report on Wednesday, March 13th. Finally, BTIG Research restated a hold rating on shares of Etsy in a research report on Tuesday, March 19th. Eight analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Etsy currently has a consensus rating of Buy and an average target price of $70.25.

ETSY stock opened at $64.60 on Wednesday. The company has a 50-day moving average price of $64.45. Etsy has a 12-month low of $38.02 and a 12-month high of $73.35. The stock has a market capitalization of $7.76 billion, a PE ratio of 105.90, a price-to-earnings-growth ratio of 4.26 and a beta of 0.92. The company has a debt-to-equity ratio of 0.81, a current ratio of 4.87 and a quick ratio of 4.87.

Etsy (NASDAQ:ETSY) last released its quarterly earnings data on Wednesday, May 8th. The specialty retailer reported $0.24 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.14 by $0.10. Etsy had a net margin of 14.74% and a return on equity of 24.24%. The firm had revenue of $169.33 million for the quarter, compared to analysts’ expectations of $170.72 million. During the same quarter in the previous year, the company earned $0.10 earnings per share. The company’s revenue for the quarter was up 40.0% compared to the same quarter last year. On average, research analysts expect that Etsy will post 0.79 EPS for the current fiscal year.

In related news, insider Michael T. Fisher sold 57,292 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $68.65, for a total transaction of $3,933,095.80. Following the transaction, the insider now owns 84,518 shares in the company, valued at $5,802,160.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Goyal Kruti Patel sold 4,505 shares of the business’s stock in a transaction dated Tuesday, July 2nd. The shares were sold at an average price of $61.80, for a total transaction of $278,409.00. Following the transaction, the senior vice president now owns 16,389 shares in the company, valued at approximately $1,012,840.20. The disclosure for this sale can be found here. Insiders have sold 85,656 shares of company stock worth $5,691,884 in the last quarter. 3.00% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. boosted its position in Etsy by 13.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,260 shares of the specialty retailer’s stock worth $108,000 after acquiring an additional 268 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Etsy by 33.3% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,633 shares of the specialty retailer’s stock valued at $316,000 after buying an additional 1,658 shares during the period. Raymond James & Associates lifted its holdings in shares of Etsy by 121.8% in the fourth quarter. Raymond James & Associates now owns 135,466 shares of the specialty retailer’s stock valued at $6,444,000 after buying an additional 74,396 shares during the period. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Etsy by 291.5% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 51,256 shares of the specialty retailer’s stock valued at $2,438,000 after buying an additional 38,164 shares during the period. Finally, Advisor Group Inc. lifted its holdings in shares of Etsy by 124.7% in the fourth quarter. Advisor Group Inc. now owns 25,377 shares of the specialty retailer’s stock valued at $1,208,000 after buying an additional 14,082 shares during the period. Institutional investors own 95.58% of the company’s stock.

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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