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

Key Points

• Zacks Research upgraded Etsy from “hold” to “strong buy,” while the broader analyst consensus remains “Moderate Buy” with a $84.68 average price target.
• Etsy shares opened at $81.97, near their 52-week high of $87.97. The company’s latest quarter beat revenue expectations but missed substantially on earnings, reporting $668.31 million in revenue and negative $0.49 EPS.
• Insiders sold $33.6 million of Etsy stock over the past 90 days, including sales by the CEO and CFO under pre-arranged trading plans; institutional investors own 99.53% of the shares.

Etsy (NYSE:ETSY - Get Free Report) was upgraded by stock analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

Several other research analysts have also commented on the stock. B. Riley Financial lifted their price objective on shares of Etsy from $75.00 to $82.00 and gave the stock a "neutral" rating in a research note on Monday, August 10th. JPMorgan Chase & Co. raised shares of Etsy from a "neutral" rating to an "overweight" rating and increased their target price for the company from $85.00 to $100.00 in a research note on Friday, August 7th. Argus upgraded shares of Etsy from a "hold" rating to a "buy" rating and set a $67.00 target price for the company in a report on Thursday, May 21st. President Capital raised shares of Etsy from a "neutral" rating to a "buy" rating and lifted their price target for the stock from $57.00 to $91.00 in a research note on Thursday, June 25th. Finally, The Goldman Sachs Group initiated coverage on shares of Etsy in a research report on Monday, August 17th. They issued a "neutral" rating and a $89.00 price objective on the stock. Three analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, seventeen have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.68.

Etsy Price Performance

Shares of ETSY stock opened at $81.97 on Monday. 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. The stock's 50 day simple moving average is $81.15 and its two-hundred day simple moving average is $66.74.

Etsy (NYSE:ETSY - Get Free Report) last announced its earnings results on Wednesday, August 5th. The company reported ($0.49) EPS for the quarter, missing analysts' consensus estimates of $0.75 by ($1.24). The company had revenue of $668.31 million during the quarter, compared to analysts' expectations of $646.10 million. Etsy had a negative return on equity of 34.18% and a net margin of 7.32%.Etsy's revenue for the quarter was down .7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.25 EPS. Equities research analysts expect that Etsy will post 3.94 EPS for the current year.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 6,294 shares of the firm's stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $84.00, for a total value of $528,696.00. Following the transaction, the insider owned 249,559 shares of the company's stock, valued at $20,962,956. This trade represents a 2.46% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Baker sold 1,564 shares of Etsy stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $85.88, for a total transaction of $134,316.32. Following the sale, the chief financial officer owned 11,357 shares of the company's stock, valued at $975,339.16. The trade was a 12.10% 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. In the last 90 days, insiders sold 434,737 shares of company stock valued at $33,619,606. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently added to or reduced their stakes in ETSY. Global Retirement Partners LLC bought a new stake in shares of Etsy during the second quarter valued at approximately $34,000. EFG International AG bought a new position in Etsy in the second quarter worth approximately $45,000. Danske Bank A S purchased a new position in Etsy during the 3rd quarter worth $66,000. CoreCap Advisors LLC increased its holdings in Etsy by 2,379.1% during the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company's stock worth $80,000 after purchasing an additional 1,023 shares during the period. Finally, Federation des caisses Desjardins du Quebec raised its position 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 purchasing an additional 225 shares in the last quarter. 99.53% of the stock is currently owned by institutional investors.

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.

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