Etsy (NYSE:ETSY) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Etsy (NYSE:ETSY) from a hold rating to a buy rating in a report published on Saturday morning.

ETSY has been the subject of a number of other research reports. Jefferies Financial Group cut their price target on shares of Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research note on Thursday, February 12th. JPMorgan Chase & Co. lowered their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Friday, February 20th. Barclays upgraded shares of Etsy from an “equal weight” rating to an “overweight” rating and set a $72.00 price objective for the company in a report on Thursday, February 19th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Etsy from $63.00 to $54.00 and set a “hold” rating for the company in a report on Tuesday, February 24th. Finally, Morgan Stanley lowered their price objective on shares of Etsy from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, February 20th. Two research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, seventeen have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $61.67.

Etsy Trading Up 4.9%

ETSY stock opened at $55.25 on Friday. Etsy has a one year low of $41.51 and a one year high of $76.51. The stock has a market cap of $5.32 billion, a PE ratio of 42.18, a PEG ratio of 3.36 and a beta of 1.77. The business has a 50 day moving average of $52.09.

Etsy (NYSE:ETSY) last released its quarterly earnings results on Thursday, February 19th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.04. Etsy had a net margin of 5.65% and a negative return on equity of 24.94%. The business had revenue of $881.64 million during the quarter.

Etsy announced that its Board of Directors has authorized a share buyback program on Thursday, December 18th that allows the company to repurchase $750.00 million in shares. This repurchase authorization allows the company to purchase up to 14.2% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Etsy

In other news, insider Josh Silverman sold 12,148 shares of the business’s stock in a transaction that occurred on Monday, April 6th. The shares were sold at an average price of $54.00, for a total value of $655,992.00. Following the completion of the sale, the insider directly owned 130,694 shares in the company, valued at approximately $7,057,476. The trade was a 8.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 1,993 shares of the company’s stock in a transaction 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 $42,812.28. This represents a 71.13% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 43,971 shares of company stock worth $2,326,623. 2.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Etsy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. EFG International AG bought a new stake in Etsy during the 4th quarter valued at $33,000. SJS Investment Consulting Inc. raised its holdings in Etsy by 12,600.0% during the 3rd quarter. SJS Investment Consulting Inc. now owns 762 shares of the company’s stock valued at $51,000 after buying an additional 756 shares during the last quarter. Abich Financial Wealth Management LLC bought a new stake in Etsy during the 3rd quarter valued at $51,000. Salomon & Ludwin LLC bought a new stake in Etsy during the 3rd quarter valued at $55,000. Finally, Danske Bank A S bought a new stake in Etsy during the 3rd quarter valued at $66,000. 99.53% of the stock is currently 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.