Etsy (NYSE:ETSY) Raised to Strong-Buy at Zacks Research

Etsy (NYSE:ETSY) was upgraded by research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Monday, Zacks reports.

A number of other equities analysts also recently commented on the stock. Sanford C. Bernstein raised shares of Etsy from a “hold” rating to an “outperform” rating in a research note on Thursday, August 20th. Cantor Fitzgerald upped their target price on Etsy from $80.00 to $85.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Arete Research set a $76.00 target price on Etsy and gave the company a “buy” rating in a research report on Wednesday, May 20th. Wells Fargo & Company lifted their price target on Etsy from $61.00 to $76.00 and gave the company an “underweight” rating in a report on Friday, August 7th. Finally, Royal Bank Of Canada lowered Etsy to a “sector perform” rating in a research report on Thursday, August 20th. Three analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, seventeen have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $84.68.

Etsy Stock Performance

NYSE ETSY opened at $81.97 on Monday. The company has a market capitalization of $7.78 billion, a price-to-earnings ratio of 45.79, a price-to-earnings-growth ratio of 3.93 and a beta of 1.81. The company’s 50-day simple moving average is $81.15 and its two-hundred day simple moving average is $66.74. Etsy has a one year low of $44.00 and a one year high of $87.97.

Etsy (NYSE:ETSY) last posted 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 business had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. During the same quarter in the prior year, the firm posted $0.25 EPS. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Equities analysts expect that Etsy will post 3.94 earnings per share for the current fiscal year.

Insider Activity at Etsy

In other news, CFO Charles Baker sold 1,564 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $85.88, for a total transaction of $134,316.32. Following the transaction, the chief financial officer directly owned 11,357 shares of the company’s stock, valued at approximately $975,339.16. This represents a 12.10% decrease in their ownership of the stock. The sale 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 Charles Andrew Ballard sold 4,500 shares of the company’s stock in a transaction on Wednesday, August 26th. The stock was sold at an average price of $81.85, for a total value of $368,325.00. Following the transaction, the director directly owned 4,239 shares in the company, valued at approximately $346,962.15. The trade was a 51.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 434,737 shares of company stock valued at $33,619,606 over the last three months. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Integrated Wealth Concepts LLC raised its holdings in shares of Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the company’s stock worth $282,000 after buying an additional 961 shares during the last quarter. Empowered Funds LLC grew its holdings in shares of Etsy by 55.5% during the first quarter. Empowered Funds LLC now owns 9,673 shares of the company’s stock valued at $456,000 after buying an additional 3,451 shares during the last quarter. Woodline Partners LP acquired a new position in shares of Etsy in the 1st quarter valued at $2,181,000. Northwestern Mutual Wealth Management Co. increased its position in shares of Etsy by 33.7% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,594 shares of the company’s stock valued at $180,000 after acquiring an additional 906 shares during the period. Finally, M&T Bank Corp acquired a new position in shares of Etsy in the 2nd quarter valued at $232,000. 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.