Etsy (NYSE:ETSY) Stock Rating Lowered by Zacks Research

Etsy (NYSE:ETSY) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other research firms have also weighed in on ETSY. The Goldman Sachs Group upgraded shares of Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. Truist Financial lifted their price target on Etsy from $83.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. UBS Group raised Etsy from a “neutral” rating to a “neutral” rating in a report on Thursday, May 21st. Needham & Company LLC increased their price objective on Etsy from $65.00 to $85.00 and gave the stock a “buy” rating in a research note on Thursday, April 30th. Finally, Weiss Ratings upgraded Etsy from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $73.08.

Etsy Trading Up 3.3%

Etsy stock opened at $85.78 on Tuesday. Etsy has a 1-year low of $44.00 and a 1-year high of $87.14. The firm has a market capitalization of $8.14 billion, a price-to-earnings ratio of 35.74, a price-to-earnings-growth ratio of 3.46 and a beta of 1.83. The firm’s fifty day moving average price is $69.95 and its two-hundred day moving average price is $60.84.

Insiders Place Their Bets

In other Etsy news, insider Josh Silverman sold 134,730 shares of the company’s stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $68.89, for a total value of $9,281,549.70. Following the completion of the sale, the insider directly owned 130,694 shares of the company’s stock, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 759,312 shares of company stock worth $53,799,597 in the last 90 days. 2.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds and other institutional investors have recently modified their holdings of the business. SG Americas Securities LLC increased its position in shares of Etsy by 717.7% during the 1st quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock valued at $74,829,000 after purchasing an additional 1,314,071 shares during the last quarter. AQR Capital Management LLC boosted its holdings in shares of Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after buying an additional 1,177,301 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock valued at $163,841,000 after buying an additional 1,112,520 shares during the period. Norges Bank bought a new position in Etsy during the fourth quarter valued at about $33,903,000. Finally, Renaissance Technologies LLC increased its holdings in Etsy by 11.1% during the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after buying an additional 594,768 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

More Etsy News

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: JPMorgan Chase & Co. raised its price target on Etsy to $85 from $78, signaling continued confidence in the stock’s valuation even while keeping a neutral rating. Etsy (NYSE:ETSY) Price Target Raised to $85.00 at JPMorgan Chase & Co.
• Positive Sentiment: Jefferies issued a positive outlook and increased its price target to $80, suggesting analysts see room for Etsy’s business performance to hold up. Jefferies Financial Group Issues Positive Forecast for Etsy (NYSE:ETSY) Stock Price
• Positive Sentiment: Etsy shares reached a new 1-year high after the analyst upgrade, reflecting strong recent momentum in the stock. Etsy (NYSE:ETSY) Reaches New 1-Year High Following Analyst Upgrade
• Neutral Sentiment: JPMorgan’s target increase to $85 is essentially in line with the current share price, which may limit how much further near-term upside analysts are implying. Etsy price target raised by JPMorgan
• Negative Sentiment: Josh Silverman sold 39,161 Etsy shares in a pre-arranged transaction, which can weigh on sentiment because it adds to concerns about insider confidence. Josh Silverman Sells 39,161 Shares of Etsy (NYSE:ETSY) Stock
• Negative Sentiment: Zacks Research downgraded Etsy from “strong-buy” to “hold,” a negative signal that may cap enthusiasm after the stock’s strong run. Etsy downgraded by Zacks Research

Etsy Company Profile

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.