Etsy (NASDAQ:ETSY) Upgraded to "Equal Weight" at Morgan Stanley

Etsy (NASDAQ:ETSY - Get Free Report) was upgraded by equities research analysts at Morgan Stanley from an "underweight" rating to an "equal weight" rating in a report released on Monday,Benzinga reports. The firm currently has a $50.00 price target on the specialty retailer's stock, up from their previous price target of $38.00. Morgan Stanley's price target suggests a potential downside of 16.16% from the company's previous close.

Other research analysts have also recently issued reports about the stock. Loop Capital lowered their price target on shares of Etsy from $40.00 to $37.00 and set a "sell" rating on the stock in a report on Thursday, May 1st. Cantor Fitzgerald increased their price target on shares of Etsy from $42.00 to $47.00 and gave the company a "neutral" rating in a report on Thursday, May 1st. The Goldman Sachs Group lowered their price target on shares of Etsy from $35.00 to $31.00 and set a "sell" rating on the stock in a report on Thursday, May 1st. Arete cut shares of Etsy from a "neutral" rating to a "sell" rating and set a $43.00 price target on the stock. in a report on Wednesday, June 11th. Finally, UBS Group decreased their target price on shares of Etsy from $46.00 to $45.00 and set a "neutral" rating on the stock in a research report on Thursday, May 1st. Five equities research analysts have rated the stock with a sell rating, seventeen have given a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average price target of $50.42.

Etsy Stock Performance

Shares of ETSY stock opened at $59.64 on Monday. The firm's 50-day moving average is $54.03 and its 200-day moving average is $50.88. The stock has a market cap of $6.22 billion, a price-to-earnings ratio of 42.60, a PEG ratio of 3.28 and a beta of 1.74. Etsy has a 52-week low of $40.05 and a 52-week high of $66.18.

Etsy (NASDAQ:ETSY - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The specialty retailer reported $0.46 earnings per share for the quarter, missing the consensus estimate of $0.50 by ($0.04). The company had revenue of $651.18 million during the quarter, compared to the consensus estimate of $642.22 million. Etsy had a net margin of 6.69% and a negative return on equity of 39.60%. The firm's revenue was up .8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.48 earnings per share. Sell-side analysts predict that Etsy will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling

In other Etsy news, CEO Josh Silverman sold 151,666 shares of Etsy stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $57.68, for a total value of $8,748,094.88. Following the completion of the sale, the chief executive officer directly owned 107,809 shares of the company's stock, valued at approximately $6,218,423.12. The trade was a 58.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $51.36, for a total transaction of $77,040.00. Following the completion of the sale, the insider directly owned 34,683 shares of the company's stock, valued at approximately $1,781,318.88. This trade represents a 4.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 202,298 shares of company stock valued at $11,156,039 over the last quarter. Insiders own 2.80% of the company's stock.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Signaturefd LLC grew its holdings in shares of Etsy by 52.7% during the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer's stock valued at $28,000 after buying an additional 192 shares during the last quarter. True Wealth Design LLC boosted its holdings in Etsy by 112.7% during the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC purchased a new position in Etsy during the fourth quarter worth about $32,000. Strategic Investment Solutions Inc. IL purchased a new position in Etsy during the fourth quarter worth about $34,000. Finally, Allworth Financial LP boosted its holdings in Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer's stock worth $35,000 after purchasing an additional 248 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

About Etsy

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.

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