Etsy (NYSE:ETSY) Rating Increased to Buy at BTIG Research

Etsy (NYSE:ETSY) was upgraded by analysts at BTIG Research from a “neutral” rating to a “buy” rating in a report released on Friday, MarketBeat reports. The firm currently has a $90.00 price objective on the stock. BTIG Research’s price objective would suggest a potential upside of 24.47% from the company’s previous close.

A number of other research analysts have also recently commented on the company. UBS Group boosted their price target on Etsy from $74.00 to $86.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. Piper Sandler boosted their target price on shares of Etsy from $70.00 to $80.00 and gave the stock a “neutral” rating in a report on Friday, August 7th. President Capital upgraded shares of Etsy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $57.00 to $91.00 in a report on Thursday, June 25th. Wells Fargo & Company boosted their price target on shares of Etsy from $61.00 to $76.00 and gave the stock an “underweight” rating in a research note on Friday, August 7th. Finally, Zacks Research raised shares of Etsy from a “hold” rating to a “strong-buy” rating in a report on Monday, August 31st. Four investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Etsy has an average rating of “Moderate Buy” and a consensus target price of $86.03.

Etsy Price Performance

Shares of NYSE:ETSY opened at $72.31 on Friday. The company has a market capitalization of $6.86 billion, a P/E ratio of 40.39, a P/E/G ratio of 1.83 and a beta of 1.81. Etsy has a 1-year low of $44.00 and a 1-year high of $87.97. The firm’s 50 day simple moving average is $80.68 and its two-hundred day simple moving average is $68.88.

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

Insider Transactions at Etsy

In related news, Director Charles Ballard sold 4,500 shares of the stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $81.85, for a total value of $368,325.00. Following the completion of the transaction, the director owned 4,239 shares of the company’s stock, valued at approximately $346,962.15. This trade represents a 51.49% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Frederick R. Wilson sold 20,000 shares of Etsy stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $81.86, for a total value of $1,637,200.00. Following the completion of the transaction, the director owned 401,329 shares of the company’s stock, valued at approximately $32,852,791.94. This represents a 4.75% 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. Over the last 90 days, insiders sold 368,538 shares of company stock worth $29,085,228. 2.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several large investors have recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. increased its holdings in shares of Etsy by 2.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the company’s stock valued at $419,000 after purchasing an additional 180 shares in the last quarter. Blue Trust Inc. lifted its stake in shares of Etsy by 19.3% in the first quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock valued at $62,000 after purchasing an additional 200 shares during the period. Evoke Wealth LLC boosted its holdings in Etsy by 5.1% during the fourth quarter. Evoke Wealth LLC now owns 5,066 shares of the company’s stock worth $281,000 after buying an additional 248 shares in the last quarter. Lmcg Investments LLC boosted its holdings in Etsy by 0.3% during the first quarter. Lmcg Investments LLC now owns 71,569 shares of the company’s stock worth $3,577,000 after buying an additional 249 shares in the last quarter. Finally, Modera Wealth Management LLC grew its position in Etsy by 1.3% during the first quarter. Modera Wealth Management LLC now owns 23,889 shares of the company’s stock worth $1,194,000 after buying an additional 302 shares during the period. 99.53% of the stock is owned by institutional investors.

About Etsy

Etsy, Inc operates a global online marketplace that connects buyers with independent sellers offering handmade, personalized and vintage goods, as well as craft supplies. Its marketplace includes products such as jewelry, clothing, home décor, art, gifts and party supplies.

The company provides tools and services that support commerce on its platform, including seller storefronts, search and discovery features, payment processing, advertising, shipping solutions and customer support. Etsy primarily serves individual entrepreneurs and small businesses seeking to reach consumers interested in distinctive and creatively designed products.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy serves buyers and sellers in numerous countries.