Etsy (NASDAQ:ETSY) Shares Up 4.4% Following Analyst Upgrade

Etsy, Inc. (NASDAQ:ETSY - Get Free Report)'s share price shot up 4.4% on Tuesday after Truist Financial raised their price target on the stock from $55.00 to $60.00. Truist Financial currently has a buy rating on the stock. Etsy traded as high as $56.21 and last traded at $56.25. 2,701,135 shares were traded during trading, a decline of 35% from the average session volume of 4,183,405 shares. The stock had previously closed at $53.89.

ETSY has been the topic of a number of other research reports. Needham & Company LLC reaffirmed a "buy" rating and set a $60.00 price objective on shares of Etsy in a research report on Wednesday, April 30th. Evercore ISI lowered their price target on shares of Etsy from $60.00 to $54.00 and set an "outperform" rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald boosted their price objective on shares of Etsy from $42.00 to $47.00 and gave the stock a "neutral" rating in a research note on Thursday, May 1st. The Goldman Sachs Group decreased their target price on shares of Etsy from $35.00 to $31.00 and set a "sell" rating for the company in a research report on Thursday, May 1st. Finally, Stifel Nicolaus cut their price target on shares of Etsy from $51.00 to $45.00 and set a "hold" rating on the stock in a report on Wednesday, April 23rd. Six analysts have rated the stock with a sell rating, fifteen have assigned a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $49.87.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $58.77, for a total value of $88,155.00. Following the sale, the insider now owns 31,822 shares in the company, valued at $1,870,178.94. This represents a 4.50% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Josh Silverman sold 151,666 shares of the company's stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total transaction of $8,748,094.88. Following the completion of the sale, the chief executive officer now directly owns 107,809 shares in the company, valued at approximately $6,218,423.12. The trade was a 58.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 205,418 shares of company stock valued at $11,234,192. 2.80% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Empowered Funds LLC acquired a new stake in shares of Etsy during the 4th quarter worth approximately $329,000. Blue Trust Inc. grew its position in Etsy by 95.1% during the fourth quarter. Blue Trust Inc. now owns 874 shares of the specialty retailer's stock valued at $46,000 after buying an additional 426 shares during the period. Principal Financial Group Inc. increased its holdings in Etsy by 1.0% in the fourth quarter. Principal Financial Group Inc. now owns 547,889 shares of the specialty retailer's stock valued at $28,978,000 after buying an additional 5,384 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in Etsy in the fourth quarter valued at $324,000. Finally, D.A. Davidson & CO. raised its position in shares of Etsy by 10.3% in the fourth quarter. D.A. Davidson & CO. now owns 9,826 shares of the specialty retailer's stock worth $520,000 after acquiring an additional 918 shares during the period. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Stock Performance

The firm has a market capitalization of $5.86 billion, a PE ratio of 40.11, a price-to-earnings-growth ratio of 3.04 and a beta of 1.80. The firm's 50 day moving average price is $49.97 and its 200-day moving average price is $51.27.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.50 by ($0.04). The business had revenue of $651.18 million for the quarter, compared to analysts' expectations of $642.22 million. Etsy had a negative return on equity of 39.60% and a net margin of 6.69%. The business's revenue for the quarter was up .8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.48 EPS. On average, equities research analysts expect that Etsy, Inc. will post 2.57 earnings per share for the current fiscal year.

Etsy Company Profile

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.