Etsy (NYSE:ETSY) Stock Rating Upgraded by President Capital

Etsy (NYSE:ETSY) was upgraded by equities researchers at President Capital from a “neutral” rating to a “buy” rating in a report released on Thursday,MarketScreener reports. The firm currently has a $91.00 price target on the stock, up from their previous price target of $57.00. President Capital’s price objective suggests a potential upside of 16.50% from the stock’s current price.

Several other research firms have also issued reports on ETSY. Barclays upped their target price on Etsy from $72.00 to $82.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. The Goldman Sachs Group raised Etsy from a “sell” rating to a “neutral” rating in a report on Thursday, May 21st. Jefferies Financial Group downgraded shares of Etsy from a “hold” rating to a “hold” rating in a report on Thursday, May 21st. Sanford C. Bernstein upped their price target on shares of Etsy from $60.00 to $65.00 and gave the stock a “market perform” rating in a research report on Thursday, April 30th. Finally, UBS Group upgraded shares of Etsy from a “neutral” rating to a “neutral” rating in a research note on Thursday, May 21st. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $71.80.

Etsy Price Performance

Shares of ETSY traded up $0.09 during mid-day trading on Thursday, hitting $78.11. 281,230 shares of the company’s stock were exchanged, compared to its average volume of 3,354,068. The company has a market cap of $7.41 billion, a PE ratio of 32.44, a P/E/G ratio of 2.98 and a beta of 1.88. Etsy has a 52 week low of $44.00 and a 52 week high of $79.90. The company has a 50-day simple moving average of $65.36 and a 200 day simple moving average of $58.30.

Insider Activity

In other news, insider Josh Silverman sold 134,730 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The shares were sold at an average price of $68.89, for a total value of $9,281,549.70. Following the sale, the insider directly owned 130,694 shares in the company, valued at approximately $9,003,509.66. This trade represents a 50.76% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through 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 the business’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $61.63, for a total transaction of $1,232,600.00. Following the sale, the director directly owned 481,329 shares in the company, valued at approximately $29,664,306.27. The trade was a 3.99% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 553,988 shares of company stock worth $37,027,108. Insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently modified their holdings of ETSY. Renaissance Technologies LLC grew its stake in Etsy by 11.1% during the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after purchasing an additional 594,768 shares during the period. AQR Capital Management LLC lifted its stake in Etsy by 40.1% in the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after buying an additional 1,177,301 shares during the period. Lone Pine Capital LLC acquired a new position in Etsy in the third quarter valued at approximately $257,614,000. Van ECK Associates Corp boosted its holdings in shares of Etsy by 1.1% during the 4th quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock worth $207,022,000 after buying an additional 39,067 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after buying an additional 1,112,520 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.