Etsy (NYSE:ETSY) Upgraded by Bank of America to “Buy” Rating

Etsy (NYSE:ETSY) was upgraded by research analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued on Thursday,Benzinga reports. The brokerage currently has a $105.00 price target on the stock, up from their previous price target of $88.00. Bank of America‘s price objective points to a potential upside of 30.11% from the company’s current price.

Several other equities analysts have also recently weighed in on ETSY. Citigroup raised their price target on shares of Etsy from $60.00 to $92.00 and gave the company a “neutral” rating in a research report on Friday, August 7th. Arete Research set a $76.00 price objective on Etsy and gave the stock a “buy” rating in a research note on Wednesday, May 20th. President Capital upgraded Etsy from a “neutral” rating to a “buy” rating and raised their target price for the company from $57.00 to $91.00 in a report on Thursday, June 25th. Zacks Research downgraded Etsy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, July 14th. Finally, Evercore set a $83.00 price target on Etsy in a research report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, nineteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $83.88.

Etsy Trading Up 0.9%

NYSE ETSY opened at $80.70 on Thursday. The company has a market cap of $7.66 billion, a P/E ratio of 45.08, a PEG ratio of 5.48 and a beta of 1.84. The company has a fifty day simple moving average of $79.30 and a 200 day simple moving average of $64.88. Etsy has a 12-month low of $44.00 and a 12-month high of $87.97.

Etsy (NYSE:ETSY) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.49) earnings per share for the quarter, missing analysts’ consensus estimates of $0.75 by ($1.24). The business had revenue of $668.31 million during the quarter, compared to the consensus estimate of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. The firm’s quarterly revenue was down .7% on a year-over-year basis. During the same period last year, the business posted $0.25 earnings per share. Sell-side analysts predict that Etsy will post 3.94 EPS for the current year.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 134,730 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the transaction, the insider owned 130,694 shares in the company, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Frederick R. Wilson sold 20,000 shares of the firm’s stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $83.22, for a total transaction of $1,664,400.00. Following the sale, the director owned 421,329 shares of the company’s stock, valued at $35,062,999.38. This trade represents a 4.53% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 604,967 shares of company stock worth $45,141,231. Insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ETSY. Renaissance Technologies LLC increased its stake in shares of 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 purchasing an additional 594,768 shares during the last quarter. AQR Capital Management LLC lifted its stake in Etsy by 40.1% in the fourth quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company’s stock valued at $227,785,000 after purchasing an additional 1,177,301 shares during the last quarter. Van ECK Associates Corp lifted its stake in Etsy by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company’s stock valued at $207,022,000 after purchasing an additional 39,067 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock valued at $163,841,000 after purchasing an additional 1,112,520 shares during the period. Finally, Assenagon Asset Management S.A. increased its position in Etsy by 48.0% in the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company’s stock worth $121,532,000 after buying an additional 523,092 shares during the last quarter. 99.53% of the stock is owned by 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.