Etsy (NYSE:ETSY) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Etsy (NYSE:ETSY) from a hold rating to a strong-buy rating in a report released on Monday morning,Zacks reports.

ETSY has been the topic of a number of other research reports. Canaccord Genuity Group set a $92.00 target price on shares of Etsy in a research note on Thursday, August 6th. B. Riley Financial upped their price target on shares of Etsy from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Piper Sandler increased their price target on Etsy from $70.00 to $80.00 and gave the company a “neutral” rating in a report on Friday, August 7th. Rosenblatt Securities started coverage on Etsy in a research report on Thursday, August 20th. They issued a “buy” rating and a $95.00 price objective on the stock. Finally, Raymond James Financial raised their price objective on Etsy from $75.00 to $92.00 and gave the company an “outperform” rating in a research report on Tuesday, July 21st. Three investment analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, seventeen have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $84.68.

Etsy Stock Performance

ETSY opened at $81.97 on Monday. The firm has a 50 day moving average price of $81.15 and a 200 day moving average price of $66.74. The company has a market cap of $7.78 billion, a PE ratio of 45.79, a price-to-earnings-growth ratio of 3.93 and a beta of 1.81. Etsy has a 1 year low of $44.00 and a 1 year high of $87.97.

Etsy (NYSE:ETSY) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing the consensus estimate 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 analysts’ expectations of $646.10 million. During the same quarter in the previous year, the business posted $0.25 EPS. The company’s quarterly revenue was down .7% on a year-over-year basis. On average, sell-side analysts predict that Etsy will post 3.94 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Josh Silverman sold 97,389 shares of the firm’s stock in a transaction dated 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 sale, the insider directly owned 130,694 shares in the company, valued at $10,324,826. This trade represents a 42.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction dated Wednesday, July 1st. The stock was sold at an average price of $74.39, for a total value of $1,487,800.00. Following the sale, the director directly owned 441,329 shares in the company, valued at approximately $32,830,464.31. The trade was a 4.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 434,737 shares of company stock worth $33,619,606 in the last quarter. 2.50% of the stock is owned by corporate insiders.

Institutional Trading of Etsy

A number of hedge funds have recently made changes to their positions in ETSY. EFG International AG bought a new position in Etsy during the 4th quarter valued at $33,000. Global Retirement Partners LLC bought a new stake in shares of Etsy in the 2nd quarter worth about $34,000. Blue Trust Inc. increased its position in shares of Etsy by 19.3% in the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after purchasing an additional 200 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Etsy in the 3rd quarter valued at about $66,000. Finally, Federation des caisses Desjardins du Quebec raised its stake in shares of Etsy by 22.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock valued at $67,000 after purchasing an additional 225 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.