Arete Research upgraded shares of Etsy (NYSE:ETSY – Free Report) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday,Zacks.com reports.
Several other brokerages also recently commented on ETSY. Cantor Fitzgerald lifted their target price on shares of Etsy from $51.00 to $59.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. JPMorgan Chase & Co. lifted their target price on shares of Etsy from $58.00 to $75.00 and gave the stock a “neutral” rating in a research note on Thursday, April 30th. Canaccord Genuity Group boosted their price objective on shares of Etsy from $72.00 to $80.00 and gave the company a “buy” rating in a research report on Thursday, April 30th. Weiss Ratings raised shares of Etsy from a “hold (c-)” rating to a “hold (c)” rating in a research report on Wednesday, May 13th. Finally, Evercore set a $72.00 price objective on shares of Etsy in a research report on Wednesday, April 29th. Two investment analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, eighteen have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $70.91.
Read Our Latest Research Report on ETSY
Etsy Trading Up 5.6%
Etsy (NYSE:ETSY – Get Free Report) last issued its earnings results on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping 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 company had revenue of $881.64 million for the quarter. As a group, equities analysts predict that Etsy will post 3.74 EPS for the current year.
Insider Activity
In related news, CAO Merilee Buckley sold 1,993 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $52.92, for a total value of $105,469.56. Following the transaction, the chief accounting officer owned 809 shares in the company, valued at $42,812.28. The trade was a 71.13% decrease in their position. The sale was disclosed in a document filed with the SEC, 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 dated Tuesday, May 5th. The stock was sold at an average price of $63.50, for a total transaction of $128,905.00. Following the completion of the transaction, the chief financial officer owned 6,913 shares in the company, valued at approximately $438,975.50. The trade was a 22.70% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last quarter, insiders have sold 278,569 shares of company stock worth $17,728,487. 2.50% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Etsy
A number of hedge funds have recently bought and sold shares of ETSY. EFG International AG bought a new position in Etsy in the 4th quarter worth about $33,000. Abich Financial Wealth Management LLC bought a new position in Etsy in the 3rd quarter worth about $51,000. Blue Trust Inc. boosted its stake in Etsy by 19.3% in 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 in the last quarter. Danske Bank A S bought a new position in Etsy in the 3rd quarter worth about $66,000. Finally, Federation des caisses Desjardins du Quebec lifted its stake 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 valued at $67,000 after acquiring an additional 225 shares during the period. Institutional investors own 99.53% of the company’s stock.
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.
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