Etsy (NYSE:ETSY) Raised to “Strong-Buy” at Zacks Research

Etsy (NYSE:ETSY) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Monday, Zacks reports.

Several other equities analysts have also recently issued reports on the company. UBS Group boosted their price target on Etsy from $74.00 to $86.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. JPMorgan Chase & Co. raised Etsy from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $85.00 to $100.00 in a research report on Friday, August 7th. Truist Financial lifted their target price on Etsy from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Wednesday, July 22nd. Wells Fargo & Company boosted their target price on Etsy from $61.00 to $76.00 and gave the company an “underweight” rating in a report on Friday, August 7th. Finally, Evercore set a $83.00 price target on Etsy in a research note on Thursday, August 6th. Three equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $84.68.

Etsy Price Performance

Shares of NYSE:ETSY opened at $81.97 on Monday. Etsy has a 1-year low of $44.00 and a 1-year high of $87.97. The stock has a market cap of $7.78 billion, a P/E ratio of 45.79, a P/E/G ratio of 3.93 and a beta of 1.81. The firm has a fifty day moving average price of $81.15 and a 200 day moving average price of $66.74.

Etsy (NYSE:ETSY) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The business had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. During the same quarter in the prior year, the firm posted $0.25 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Sell-side analysts expect that Etsy will post 3.94 EPS for the current fiscal year.

Insider Activity at Etsy

In related news, insider Josh Silverman sold 97,389 shares of Etsy stock in a transaction on Wednesday, June 24th. The stock was sold at an average price of $79.00, for a total transaction of $7,693,731.00. Following the completion of the transaction, the insider directly owned 130,694 shares of the company’s stock, valued at approximately $10,324,826. The trade was a 42.70% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of the business’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $82.09, for a total value of $677,406.68. Following the sale, the insider owned 6,503 shares in the company, valued at approximately $533,831.27. The trade was a 55.93% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 434,737 shares of company stock valued at $33,619,606 in the last ninety days. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of large investors have recently added to or reduced their stakes in the business. EFG International AG acquired a new stake in shares of Etsy in the fourth quarter valued at approximately $33,000. Global Retirement Partners LLC acquired a new position in shares of Etsy during the 2nd quarter worth approximately $34,000. Blue Trust Inc. lifted its stake in Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after buying an additional 200 shares in the last quarter. Danske Bank A S purchased a new stake in Etsy in the 3rd quarter valued at approximately $66,000. Finally, Federation des caisses Desjardins du Quebec grew its holdings in Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock valued at $67,000 after buying an additional 225 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.