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

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

Several other brokerages have also commented on ETSY. Susquehanna lowered Etsy to a “neutral” rating in a report on Thursday, May 21st. B. Riley Financial lowered Etsy from a “buy” rating to a “neutral” rating and increased their price objective for the company from $70.00 to $75.00 in a report on Thursday, April 30th. Weiss Ratings upgraded Etsy from a “hold (c-)” rating to a “hold (c)” rating in a report on Wednesday, May 13th. Argus upgraded Etsy from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a report on Thursday, May 21st. Finally, Barclays increased their price objective on Etsy from $72.00 to $82.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $70.88.

Etsy Stock Up 1.3%

Etsy stock opened at $67.67 on Friday. The business has a fifty day moving average of $58.38 and a two-hundred day moving average of $56.33. The firm has a market cap of $6.42 billion, a P/E ratio of 28.20, a P/E/G ratio of 6.14 and a beta of 1.89. Etsy has a twelve month low of $44.00 and a twelve month high of $76.51.

Insider Transactions at Etsy

In related news, Director Frederick R. Wilson sold 20,000 shares of the company’s stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $61.63, for a total value of $1,232,600.00. Following the transaction, the director directly owned 481,329 shares of the company’s stock, valued at $29,664,306.27. This represents a 3.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Baker sold 2,030 shares of the company’s stock in a transaction on Tuesday, May 5th. The shares were sold at an average price of $63.50, for a total value of $128,905.00. Following the completion of the transaction, the chief financial officer directly owned 6,913 shares in the company, valued at approximately $438,975.50. The trade was a 22.70% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 298,569 shares of company stock valued at $18,961,087 in the last quarter. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. EFG International AG acquired a new stake in Etsy during the 4th quarter worth about $33,000. Abich Financial Wealth Management LLC acquired a new stake in Etsy during the 3rd quarter worth about $51,000. Danske Bank A S acquired a new stake in Etsy during the 3rd quarter worth about $66,000. Federation des caisses Desjardins du Quebec grew its position in Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after purchasing an additional 225 shares during the period. Finally, Blue Trust Inc. grew its position in Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after purchasing an additional 200 shares during the period. 99.53% of the stock is 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.