The Goldman Sachs Group Upgrades Etsy (NYSE:ETSY) to “Hold”

Etsy (NYSE:ETSY) was upgraded by equities research analysts at The Goldman Sachs Group to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other analysts have also issued reports on ETSY. Morgan Stanley set a $73.00 target price on Etsy in a research report on Friday, August 7th. Wall Street Zen lowered Etsy from a “buy” rating to a “hold” rating in a research report on Sunday, May 31st. Zacks Research cut Etsy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 14th. Sanford C. Bernstein boosted their price objective on Etsy from $60.00 to $65.00 and gave the company a “market perform” rating in a report on Thursday, April 30th. Finally, Cantor Fitzgerald increased their target price on Etsy from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus target price of $82.73.

Etsy Price Performance

Shares of ETSY opened at $78.17 on Monday. The firm has a 50-day simple moving average of $78.84 and a two-hundred day simple moving average of $64.54. The stock has a market cap of $7.42 billion, a PE ratio of 43.67, a P/E/G ratio of 5.47 and a beta of 1.84. Etsy has a 1-year low of $44.00 and a 1-year high of $87.97.

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

Insider Activity

In other Etsy news, insider Richard Edward Colburn III sold 8,252 shares of the stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $82.09, for a total transaction of $677,406.68. Following the sale, the insider directly owned 6,503 shares in the company, valued at $533,831.27. This represents a 55.93% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 881 shares of the firm’s stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $75.35, for a total transaction of $66,383.35. Following the completion of the transaction, the chief accounting officer directly owned 405 shares of the company’s stock, valued at $30,516.75. This represents a 68.51% decrease in their position. 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 604,262 shares of company stock worth $45,085,166 over the last 90 days. Company insiders own 2.50% of the company’s stock.

Institutional Trading of Etsy

Hedge funds have recently modified their holdings of the stock. Janus Henderson Group PLC raised its position in Etsy by 627.2% in the 1st quarter. Janus Henderson Group PLC now owns 279,407 shares of the company’s stock valued at $13,962,000 after purchasing an additional 240,986 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Etsy by 51.4% in the 1st 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. Crossmark Global Holdings Inc. boosted its stake in shares of Etsy by 338.4% in the 4th quarter. Crossmark Global Holdings Inc. now owns 103,497 shares of the company’s stock valued at $5,738,000 after buying an additional 79,888 shares during the period. SG Americas Securities LLC grew its position in shares of Etsy by 717.7% during the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after buying an additional 1,314,071 shares in the last quarter. Finally, Hussman Strategic Advisors Inc. grew its position in shares of Etsy by 100.0% during the fourth quarter. Hussman Strategic Advisors Inc. now owns 84,000 shares of the company’s stock worth $4,657,000 after buying an additional 42,000 shares in the last quarter. 99.53% of the stock is currently 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.