Etsy (NYSE:ETSY) Stock Rating Upgraded by Wall Street Zen

Etsy (NYSE:ETSY) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

ETSY has been the subject of several other research reports. Guggenheim began coverage on shares of Etsy in a report on Thursday. They issued a “buy” rating for the company. Susquehanna lowered shares of Etsy to a “neutral” rating in a report on Thursday. Barclays lifted their price objective on shares of Etsy from $72.00 to $82.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. Needham & Company LLC lifted their price objective on shares of Etsy from $65.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Finally, Zacks Research downgraded shares of Etsy from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 20th. 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 given a Sell rating to the stock. According to data from MarketBeat.com, Etsy currently has an average rating of “Hold” and an average price target of $70.75.

Etsy Stock Performance

NYSE:ETSY opened at $62.48 on Friday. Etsy has a one year low of $44.00 and a one year high of $76.51. The company has a market cap of $5.93 billion, a price-to-earnings ratio of 26.03, a P/E/G ratio of 5.41 and a beta of 1.89. The firm has a 50-day simple moving average of $57.20.

Etsy (NYSE:ETSY) last posted its quarterly earnings results on Thursday, February 19th. The company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.88 by $0.04. Etsy had a net margin of 9.94% and a negative return on equity of 28.60%. The business had revenue of $881.64 million during the quarter. Sell-side analysts expect that Etsy will post 3.74 EPS for the current fiscal year.

Insider Activity at Etsy

In other Etsy news, CAO Merilee Buckley sold 1,993 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $52.92, for a total transaction of $105,469.56. Following the sale, the chief accounting officer owned 809 shares of the company’s stock, valued at approximately $42,812.28. The trade was a 71.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Baker sold 2,030 shares of the business’s stock in a transaction that occurred on Tuesday, May 5th. The stock was sold at an average price of $63.50, for a total transaction of $128,905.00. Following the sale, the chief financial officer directly owned 6,913 shares in the company, valued at approximately $438,975.50. This represents a 22.70% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 278,569 shares of company stock worth $17,728,487 in the last quarter. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently made changes to their positions in the company. Janus Henderson Group PLC lifted its stake in shares of Etsy by 627.2% in the 1st quarter. Janus Henderson Group PLC now owns 279,407 shares of the company’s stock valued at $13,962,000 after purchasing an additional 240,986 shares during the period. Smith Group Asset Management LLC acquired a new position in shares of Etsy in the 1st quarter valued at $532,000. California State Teachers Retirement System lifted its stake in shares of Etsy by 16.4% in the 1st quarter. California State Teachers Retirement System now owns 103,342 shares of the company’s stock valued at $5,165,000 after purchasing an additional 14,567 shares during the period. Readystate Asset Management LP acquired a new position in shares of Etsy in the 1st quarter valued at $3,169,000. Finally, Quantinno Capital Management LP lifted its stake in shares of Etsy by 4.9% in the 1st quarter. Quantinno Capital Management LP now owns 533,497 shares of the company’s stock valued at $26,664,000 after purchasing an additional 25,026 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.