Wall Street Zen Downgrades Etsy (NYSE:ETSY) to Hold

Etsy (NYSE:ETSY) was downgraded by Wall Street Zen from a “buy” rating to a “hold” rating in a report issued on Saturday.

A number of other equities analysts have also recently commented on ETSY. UBS Group decreased their target price on Etsy from $74.00 to $53.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft cut their price target on Etsy from $63.00 to $54.00 and set a “hold” rating for the company in a report on Tuesday, February 24th. B. Riley Financial reduced their price target on Etsy from $78.00 to $70.00 and set a “buy” rating for the company in a research report on Friday, February 20th. Barclays raised Etsy from an “equal weight” rating to an “overweight” rating and set a $72.00 price objective on the stock in a research note on Thursday, February 19th. Finally, Truist Financial lifted their price objective on Etsy from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, seventeen have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to data from MarketBeat, Etsy presently has a consensus rating of “Hold” and an average target price of $60.80.

Etsy Price Performance

Shares of NYSE ETSY opened at $52.74 on Friday. The firm’s 50 day simple moving average is $54.68. The company has a market capitalization of $5.08 billion, a price-to-earnings ratio of 40.26, a price-to-earnings-growth ratio of 3.36 and a beta of 1.74. Etsy has a 12-month low of $40.05 and a 12-month high of $76.51.

Etsy (NYSE:ETSY) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.04. The business had revenue of $881.64 million for the quarter. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%.

Etsy announced that its Board of Directors has initiated a share buyback program on Thursday, December 18th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the company to buy up to 14.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Etsy

In related news, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $58.45, for a total transaction of $329,424.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Josh Silverman sold 21,666 shares of the stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $53.26, for a total value of $1,153,931.16. Following the sale, the insider owned 90,661 shares of the company’s stock, valued at $4,828,604.86. This represents a 19.29% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 116,058 shares of company stock valued at $6,576,362 over the last ninety days. 2.80% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ETSY. EFG International AG bought a new stake in shares of Etsy during the fourth quarter valued at approximately $33,000. Elevation Point Wealth Partners LLC purchased a new position in Etsy during the second quarter valued at $35,000. Employees Retirement System of Texas purchased a new position in Etsy during the second quarter valued at $47,000. SJS Investment Consulting Inc. increased its holdings in Etsy by 12,600.0% in the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock valued at $51,000 after acquiring an additional 756 shares during the last quarter. Finally, Abich Financial Wealth Management LLC bought a new stake in Etsy in the 3rd quarter valued at $51,000. 99.53% of the stock is currently owned by institutional investors.

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.