Etsy (NYSE:ETSY) Upgraded to “Hold” at The Goldman Sachs Group

The Goldman Sachs Group upgraded shares of Etsy (NYSE:ETSY) to a hold rating in a research note issued to investors on Monday,Zacks.com reports.

A number of other equities analysts have also recently commented on the stock. B. Riley Financial lifted their target price on shares of Etsy from $75.00 to $82.00 and gave the stock a “neutral” rating in a research report on Monday, August 10th. Needham & Company LLC raised their price objective on Etsy from $85.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, August 7th. Argus upgraded Etsy from a “hold” rating to a “buy” rating and set a $67.00 price objective on the stock in a report on Thursday, May 21st. Canaccord Genuity Group set a $92.00 target price on Etsy in a research note on Thursday, August 6th. Finally, Zacks Research cut Etsy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $82.73.

Etsy Stock Down 2.2%

Shares of ETSY stock opened at $78.17 on Monday. The business has a 50-day moving average price of $78.84 and a two-hundred day moving average price of $64.54. Etsy has a 12-month low of $44.00 and a 12-month high of $87.97. The firm has a market cap of $7.42 billion, a P/E ratio of 43.67, a price-to-earnings-growth ratio of 5.47 and a beta of 1.84.

Etsy (NYSE:ETSY) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). The firm had revenue of $668.31 million for the quarter, compared to analysts’ expectations of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The business’s quarterly revenue was down .7% on a year-over-year basis. During the same period in the prior year, the business posted $0.25 earnings per share. As a group, research analysts expect that Etsy will post 3.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Josh Silverman sold 6,294 shares of Etsy stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $84.00, for a total value of $528,696.00. Following the sale, the insider owned 249,559 shares in the company, valued at $20,962,956. The trade was a 2.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $82.09, for a total transaction of $677,406.68. Following the completion of the transaction, the insider owned 6,503 shares of the company’s stock, valued at $533,831.27. This trade represents a 55.93% 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 have sold a total of 604,262 shares of company stock valued at $45,085,166 over the last quarter. 2.50% of the stock is owned by company insiders.

Institutional Trading of Etsy

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Renaissance Technologies LLC boosted its position 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 acquiring an additional 594,768 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after purchasing an additional 1,177,301 shares during the period. Van ECK Associates Corp lifted its stake in shares of Etsy by 1.1% in the 4th quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock valued at $207,022,000 after purchasing an additional 39,067 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in shares of Etsy by 51.4% during 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 in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Etsy by 48.0% during the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company’s stock valued at $121,532,000 after purchasing an additional 523,092 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

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.