Etsy Inc (NYSE:ETSY) Given Average Recommendation of "Hold" by Analysts

Key Points

• Analysts have given Etsy a consensus rating of "Hold", based on coverage from 32 firms; the average 12-month price target is $75.36.
• Recent analyst actions were mixed, including price-target increases and buy ratings from Canaccord Genuity and Guggenheim, while Wall Street Zen downgraded the stock to hold and Morgan Stanley set a $64 target.
• Insider selling has been notable, with executives including Josh Silverman and Merilee Buckley selling shares, and insiders disposing of about 658,943 shares worth roughly $47.3 million over the past 90 days.

Shares of Etsy Inc (NYSE:ETSY - Get Free Report) have received a consensus recommendation of "Hold" from the thirty-two research firms that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell recommendation, twenty have issued a hold recommendation, ten have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $75.36.

Several research analysts have commented on the company. Canaccord Genuity Group raised their price objective on Etsy from $72.00 to $80.00 and gave the company a "buy" rating in a research report on Thursday, April 30th. Cantor Fitzgerald reaffirmed a "neutral" rating and issued a $80.00 target price on shares of Etsy in a research report on Monday. Guggenheim assumed coverage on Etsy in a research note on Thursday, May 21st. They issued a "buy" rating for the company. Wall Street Zen downgraded Etsy from a "buy" rating to a "hold" rating in a report on Sunday, May 31st. Finally, Morgan Stanley set a $64.00 price target on Etsy in a research report on Wednesday, April 29th.

Insider Buying and Selling at Etsy

In other news, CAO Merilee Buckley sold 881 shares of Etsy 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 sale, the chief accounting officer owned 405 shares in the company, valued at $30,516.75. This trade represents a 68.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Josh Silverman sold 39,161 shares of the business's stock in a transaction on Friday, July 10th. The stock was sold at an average price of $79.00, for a total transaction of $3,093,719.00. Following the transaction, the insider directly owned 139,884 shares in the company, valued at approximately $11,050,836. The trade was a 21.87% 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 sold 658,943 shares of company stock valued at $47,305,981 over the last 90 days. 2.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently added to or reduced their stakes in ETSY. SG Americas Securities LLC increased 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 acquiring an additional 1,314,071 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Etsy by 40.1% in the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company's stock worth $227,785,000 after acquiring an additional 1,177,301 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in Etsy by 51.4% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company's stock valued at $163,841,000 after purchasing an additional 1,112,520 shares during the last quarter. Norges Bank purchased a new position in Etsy in the fourth quarter valued at about $33,903,000. Finally, Renaissance Technologies LLC grew its stake in Etsy by 11.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company's stock valued at $297,991,000 after purchasing an additional 594,768 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company's stock.

Etsy Trading Down 1.6%

Shares of ETSY stock opened at $80.35 on Thursday. The company has a market cap of $7.63 billion, a PE ratio of 33.48, a P/E/G ratio of 3.20 and a beta of 1.83. The company's fifty day simple moving average is $72.17 and its 200-day simple moving average is $61.79. Etsy has a 52 week low of $44.00 and a 52 week high of $87.14.

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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