Etsy (NYSE:ETSY) Upgraded at Bank of America

Bank of America upgraded shares of Etsy (NYSE:ETSY) from a neutral rating to a buy rating in a research report report published on Thursday, Marketbeat Ratings reports. The brokerage currently has $95.00 price objective on the stock, up from their prior price objective of $88.00.

A number of other research analysts have also recently issued reports on the company. B. Riley Financial lifted their price objective on Etsy from $75.00 to $82.00 and gave the company a “neutral” rating in a report on Monday, August 10th. Wall Street Zen lowered shares of Etsy from a “buy” rating to a “hold” rating in a report on Sunday, May 31st. Barclays increased their target price on shares of Etsy from $82.00 to $94.00 and gave the stock an “overweight” rating in a research report on Friday, August 7th. Arete Research set a $76.00 price target on shares of Etsy and gave the company a “buy” rating in a report on Wednesday, May 20th. Finally, Citigroup boosted their price target on shares of Etsy from $60.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating, eighteen have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $84.68.

Etsy Price Performance

Etsy stock opened at $80.69 on Thursday. The company has a market capitalization of $7.66 billion, a PE ratio of 45.08, a price-to-earnings-growth ratio of 5.55 and a beta of 1.84. Etsy has a one year low of $44.00 and a one year high of $87.97. The business has a 50 day simple moving average of $79.76 and a 200 day simple moving average of $65.19.

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

Insider Activity at Etsy

In other news, insider Josh Silverman sold 6,294 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $84.00, for a total value of $528,696.00. Following the completion of the sale, the insider directly owned 249,559 shares in the company, valued at approximately $20,962,956. This trade represents a 2.46% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction dated Monday, August 3rd. The shares were sold at an average price of $83.22, for a total value of $1,664,400.00. Following the completion of the transaction, the director directly owned 421,329 shares of the company’s stock, valued at $35,062,999.38. This represents a 4.53% 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. In the last ninety days, insiders have sold 584,967 shares of company stock valued at $43,908,631. 2.50% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Renaissance Technologies LLC boosted its holdings in Etsy by 11.1% in the first 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 during the last quarter. AQR Capital Management LLC raised its holdings in Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock worth $227,785,000 after purchasing an additional 1,177,301 shares during the last quarter. Van ECK Associates Corp raised its holdings in 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 purchasing an additional 39,067 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in 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 purchasing an additional 1,112,520 shares during the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in Etsy by 48.0% during the 2nd 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 during the period. Institutional investors own 99.53% of the company’s stock.

Key Stories Impacting Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Bank of America upgraded Etsy from “Neutral” to “Buy” and raised its price target from $88 to $95. The firm said recent growth appears increasingly structural rather than temporary, citing improved execution under CEO Kruti Patel Goyal, stronger mobile engagement and conservative estimates. It also identified potential for more than $1 billion in share buybacks following the Depop sale. Etsy upgraded to buy at BofA on durable growth, buyback potential
• Positive Sentiment: Rosenblatt Securities initiated coverage with a “Buy” rating and a $95 price target, implying meaningful upside from recent trading levels, and subsequently upgraded the shares to “Strong Buy.” The bullish view adds momentum to Etsy’s improving analyst sentiment. Rosenblatt initiates Etsy coverage
• Positive Sentiment: Recent coverage characterizes Etsy’s rebound as potentially durable, while the company’s reported partnership with OpenAI may improve product discovery and marketplace engagement over time. Etsy Partners With OpenAI
• Neutral Sentiment: Goldman Sachs has begun research coverage on Etsy, but no rating or price target was provided in the available report. The broader analyst consensus remains “Hold,” with an average target of approximately $82.73, below the newer $95 targets.
• Negative Sentiment: Director Marla Blow sold 300 shares and Chief Accounting Officer Merilee Buckley sold 405 shares under pre-arranged Rule 10b5-1 plans. The transactions were relatively small, but insider selling can temper investor enthusiasm.
• Negative Sentiment: Etsy’s latest quarterly results included an adjusted EPS loss of $0.49 versus expectations for positive EPS of $0.75, while revenue declined 0.7% year over year. With a P/E ratio near 45, investors may demand continued evidence that the company’s growth recovery can justify its valuation.

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.