Etsy Inc. (ETSY) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Etsy Inc. (NASDAQ:ETSY) from a hold rating to a buy rating in a research report sent to investors on Monday morning. The firm currently has $16.00 target price on the 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 analysts also recently commented on the stock. Citigroup Inc. assumed coverage on shares of Etsy in a report on Monday, August 1st. They issued a buy rating and a $14.00 price target for the company. Goldman Sachs Group Inc. raised their price objective on shares of Etsy from $11.00 to $14.00 and gave the stock a neutral rating in a research note on Wednesday, August 3rd. Monness Crespi & Hardt raised shares of Etsy from a neutral rating to a buy rating and set a $17.00 price objective for the company in a research note on Wednesday, September 21st. Morgan Stanley reissued an equal weight rating and issued a $13.50 price objective (up previously from $11.50) on shares of Etsy in a research note on Monday, September 12th. Finally, RBC Capital Markets reissued a neutral rating and issued a $13.00 price objective (up previously from $11.00) on shares of Etsy in a research note on Friday, August 5th. Nine analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Etsy has an average rating of Hold and a consensus price target of $14.16.
Etsy (NASDAQ:ETSY) opened at 14.85 on Monday. The firm’s 50 day moving average price is $14.05 and its 200-day moving average price is $10.70. Etsy has a 12-month low of $6.04 and a 12-month high of $15.70. The stock’s market cap is $1.65 billion.
Etsy (NASDAQ:ETSY) last announced its quarterly earnings results on Tuesday, August 2nd. The company reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.01) by $0.05. Etsy had a negative net margin of 5.37% and a negative return on equity of 3.08%. The business earned $85.35 million during the quarter, compared to the consensus estimate of $80.55 million. During the same period in the previous year, the business posted ($0.07) EPS. The firm’s revenue was up 38.9% on a year-over-year basis. Equities research analysts anticipate that Etsy will post ($0.06) earnings per share for the current fiscal year.
In related news, CFO Kristina Salen sold 156,839 shares of Etsy stock in a transaction that occurred on Wednesday, September 21st. The shares were sold at an average price of $15.00, for a total transaction of $2,352,585.00. Following the transaction, the chief financial officer now directly owns 158,581 shares of the company’s stock, valued at $2,378,715. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John Allspaw sold 63,468 shares of Etsy stock in a transaction that occurred on Tuesday, August 2nd. The shares were sold at an average price of $12.50, for a total transaction of $793,350.00. Following the transaction, the insider now directly owns 66,864 shares in the company, valued at $835,800. The disclosure for this sale can be found here. Corporate insiders own 11.10% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Etsy by 28.7% in the second quarter. Vanguard Group Inc. now owns 5,425,487 shares of the company’s stock valued at $52,031,000 after buying an additional 1,210,862 shares during the period. BlackRock Fund Advisors increased its stake in shares of Etsy by 401.1% in the second quarter. BlackRock Fund Advisors now owns 2,462,098 shares of the company’s stock valued at $23,612,000 after buying an additional 1,970,739 shares during the period. State Street Corp increased its stake in shares of Etsy by 416.3% in the second quarter. State Street Corp now owns 1,496,378 shares of the company’s stock valued at $14,350,000 after buying an additional 1,206,570 shares during the period. Point72 Asset Management L.P. increased its stake in shares of Etsy by 67.8% in the second quarter. Point72 Asset Management L.P. now owns 1,494,500 shares of the company’s stock valued at $14,332,000 after buying an additional 603,700 shares during the period. Finally, Lord Abbett & CO. LLC increased its stake in shares of Etsy by 396.8% in the second quarter. Lord Abbett & CO. LLC now owns 1,327,915 shares of the company’s stock valued at $12,735,000 after buying an additional 1,060,646 shares during the period. 58.14% of the stock is currently owned by institutional investors.
Etsy, Inc (Etsy) operates a marketplace to connect people around the both online and offline for making, selling and buying goods. The Company’s geographical segments include United States and International. The Company’s community includes Etsy sellers, Etsy buyers, wholesale partners, manufacturers and Etsy employees.
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