Etsy (NYSE:ETSY) Lowered to “Hold” Rating by Zacks Research

Zacks Research lowered shares of Etsy (NYSE:ETSY) from a strong-buy rating to a hold rating in a report issued on Tuesday,Zacks.com reports.

Several other brokerages have also issued reports on ETSY. Roth Capital began coverage on shares of Etsy in a research report on Thursday, May 21st. They issued a “buy” rating on the stock. The Goldman Sachs Group upgraded shares of Etsy from a “sell” rating to a “neutral” rating in a research report on Thursday, May 21st. Morgan Stanley set a $64.00 price target on shares of Etsy in a research note on Wednesday, April 29th. Evercore set a $72.00 price objective on Etsy in a research note on Wednesday, April 29th. Finally, Cantor Fitzgerald increased their target price on Etsy from $51.00 to $59.00 and gave the company a “neutral” rating in a report on Tuesday, April 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $73.08.

Etsy Stock Performance

Shares of NYSE ETSY opened at $85.78 on Tuesday. The firm has a market cap of $8.14 billion, a PE ratio of 35.74, a PEG ratio of 3.46 and a beta of 1.83. The firm has a fifty day moving average of $69.95 and a 200 day moving average of $60.84. Etsy has a one year low of $44.00 and a one year high of $87.14.

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 881 shares of the business’s stock in a transaction that occurred on Monday, July 6th. The stock was sold at an average price of $75.35, for a total transaction of $66,383.35. Following the transaction, the chief accounting officer directly owned 405 shares in the company, valued at $30,516.75. The trade was a 68.51% 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, insider Josh Silverman sold 39,161 shares of the company’s stock in a transaction that occurred on Friday, July 10th. The shares were sold at an average price of $79.00, for a total value of $3,093,719.00. Following the completion of the sale, the insider owned 139,884 shares of the company’s stock, valued at $11,050,836. This trade represents a 21.87% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 759,312 shares of company stock valued at $53,799,597. Corporate insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC raised its holdings in Etsy by 10.0% in the 2nd quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock valued at $88,000 after buying an additional 158 shares during the period. Alamea Verwaltungs GmbH boosted its stake in Etsy by 2.3% during the second quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company’s stock worth $370,000 after buying an additional 169 shares during the period. PNC Financial Services Group Inc. increased its position in shares of Etsy by 2.4% during the fourth quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the company’s stock valued at $419,000 after acquiring an additional 180 shares during the last quarter. Blue Trust Inc. increased its position in shares of Etsy by 19.3% during the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after acquiring an additional 200 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Etsy by 6.6% in the 4th quarter. GAMMA Investing LLC now owns 3,333 shares of the company’s stock valued at $185,000 after acquiring an additional 205 shares during the period. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy News Roundup

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: JPMorgan Chase & Co. raised its price target on Etsy to $85 from $78, signaling continued confidence in the stock’s valuation even while keeping a neutral rating. Etsy (NYSE:ETSY) Price Target Raised to $85.00 at JPMorgan Chase & Co.
• Positive Sentiment: Jefferies issued a positive outlook and increased its price target to $80, suggesting analysts see room for Etsy’s business performance to hold up. Jefferies Financial Group Issues Positive Forecast for Etsy (NYSE:ETSY) Stock Price
• Positive Sentiment: Etsy shares reached a new 1-year high after the analyst upgrade, reflecting strong recent momentum in the stock. Etsy (NYSE:ETSY) Reaches New 1-Year High Following Analyst Upgrade
• Neutral Sentiment: JPMorgan’s target increase to $85 is essentially in line with the current share price, which may limit how much further near-term upside analysts are implying. Etsy price target raised by JPMorgan
• Negative Sentiment: Josh Silverman sold 39,161 Etsy shares in a pre-arranged transaction, which can weigh on sentiment because it adds to concerns about insider confidence. Josh Silverman Sells 39,161 Shares of Etsy (NYSE:ETSY) Stock
• Negative Sentiment: Zacks Research downgraded Etsy from “strong-buy” to “hold,” a negative signal that may cap enthusiasm after the stock’s strong run. Etsy downgraded by Zacks Research

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.