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

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

Several other equities analysts have also recently weighed in on the company. Zacks Research cut Etsy from a “strong-buy” rating to a “hold” rating in a report on Monday, April 20th. Bank of America dropped their price objective on Etsy from $77.00 to $72.00 in a report on Wednesday. Wall Street Zen cut Etsy from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Truist Financial lifted their price objective on Etsy from $83.00 to $85.00 and gave the company a “buy” rating in a report on Thursday, April 30th. Finally, Raymond James Financial reissued an “outperform” rating and set a $75.00 price target on shares of Etsy in a report on Thursday, April 23rd. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, eighteen have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $70.91.

Etsy Price Performance

Shares of NYSE ETSY opened at $60.82 on Wednesday. The firm has a market cap of $5.77 billion, a PE ratio of 25.34, a PEG ratio of 5.13 and a beta of 1.89. The firm has a fifty day moving average of $56.86. Etsy has a fifty-two week low of $44.00 and a fifty-two week high of $76.51.

Etsy (NYSE:ETSY) last announced its quarterly earnings data on Thursday, February 19th. The company reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.04. The firm had revenue of $881.64 million during the quarter. Etsy had a negative return on equity of 28.60% and a net margin of 9.94%. As a group, equities research analysts expect that Etsy will post 3.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Richard Edward Colburn III sold 4,776 shares of the business’s stock in a transaction on Monday, May 4th. The stock was sold at an average price of $65.09, for a total transaction of $310,869.84. Following the completion of the transaction, the insider owned 6,503 shares of the company’s stock, valued at approximately $423,280.27. The trade was a 42.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Josh Silverman sold 88,350 shares of the business’s stock in a transaction on Friday, May 1st. The stock was sold at an average price of $64.18, for a total value of $5,670,303.00. Following the transaction, the insider directly owned 130,694 shares of the company’s stock, valued at $8,387,940.92. This trade represents a 40.33% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 278,569 shares of company stock worth $17,728,487 over the last 90 days. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC grew its position in Etsy by 11.1% during the 1st quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company’s stock worth $297,991,000 after acquiring an additional 594,768 shares during the last quarter. AQR Capital Management LLC grew its position 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 acquiring an additional 1,177,301 shares during the last quarter. Lone Pine Capital LLC bought a new stake in Etsy during the 3rd quarter worth $257,614,000. Van ECK Associates Corp grew its position 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 acquiring an additional 39,067 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its position 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 acquiring an additional 1,112,520 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

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.