Etsy (NYSE:ETSY) Cut to Hold at Zacks Research

Etsy (NYSE:ETSY) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

Several other research firms also recently commented on ETSY. Guggenheim started coverage on shares of Etsy in a research report on Thursday, May 21st. They set a “buy” rating on the stock. Truist Financial boosted their price target on Etsy from $83.00 to $85.00 and gave the stock a “buy” rating in a research report on Thursday, April 30th. Weiss Ratings upgraded Etsy from a “hold (c-)” rating to a “hold (c)” rating in a research note on Wednesday, May 13th. Deutsche Bank Aktiengesellschaft increased their price objective on Etsy from $74.00 to $75.00 and gave the company a “hold” rating in a report on Thursday, April 30th. Finally, UBS Group upgraded Etsy from a “neutral” rating to a “neutral” rating in a report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, twenty have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $73.08.

Etsy Stock Up 3.3%

Shares of ETSY opened at $85.78 on Tuesday. The firm has a market cap of $8.14 billion, a price-to-earnings ratio of 35.74, a price-to-earnings-growth ratio of 3.46 and a beta of 1.83. The company’s fifty day moving average is $69.95 and its 200-day moving average is $60.84. Etsy has a 12 month low of $44.00 and a 12 month high of $87.14.

Insider Buying and Selling at Etsy

In related news, insider Josh Silverman sold 39,161 shares of the business’s stock in a transaction dated Friday, July 10th. The stock was sold at an average price of $79.00, for a total transaction of $3,093,719.00. Following the completion of the transaction, the insider owned 139,884 shares of the company’s stock, valued at approximately $11,050,836. The trade was a 21.87% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Merilee Buckley sold 881 shares of the stock in a transaction that occurred on Monday, July 6th. The shares were sold at an average price of $75.35, for a total value of $66,383.35. Following the sale, the chief accounting officer owned 405 shares of the company’s stock, valued at approximately $30,516.75. The trade was a 68.51% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 759,312 shares of company stock worth $53,799,597 over the last ninety days. Company insiders own 2.50% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. EFG International AG acquired a new stake in shares of Etsy in the fourth quarter worth $33,000. Danske Bank A S acquired a new position in shares of Etsy in the 3rd quarter valued at $66,000. CoreCap Advisors LLC raised its stake in shares of Etsy by 2,379.1% in the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company’s stock valued at $80,000 after buying an additional 1,023 shares in the last quarter. Federation des caisses Desjardins du Quebec lifted its holdings in shares of Etsy by 22.8% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 1,210 shares of the company’s stock worth $67,000 after acquiring an additional 225 shares during the period. Finally, Blue Trust Inc. lifted its holdings in shares of Etsy by 19.3% during the 1st quarter. Blue Trust Inc. now owns 1,238 shares of the company’s stock worth $62,000 after acquiring an additional 200 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Trending Headlines about Etsy

Here are the key news stories impacting Etsy this week:

• Positive Sentiment: Jefferies issued a positive forecast for Etsy, signaling continued confidence in the company’s outlook. Jefferies Financial Group Issues Positive Forecast for Etsy (NYSE:ETSY) Stock Price
• Positive Sentiment: The UK competition watchdog cleared eBay’s planned acquisition of Depop, removing a regulatory hurdle tied to Etsy’s resale-platform asset and reducing deal uncertainty around the transaction. UK watchdog clears eBay’s planned acquisition of Depop from Etsy
• Neutral Sentiment: JPMorgan raised its price target on Etsy, but kept a neutral rating and the new target still implies limited upside from current levels. Etsy had its price target raised by JPMorgan Chase & Co.
• Neutral Sentiment: Industry and lifestyle coverage around Etsy’s marketplace and community initiatives adds visibility, but does not appear to be a major stock driver. Etsy’s WNC craft partnership celebrated with Gov. Stein, wife
• Negative Sentiment: Insider selling by CEO Josh Silverman may weigh on sentiment, especially since he has now sold shares in multiple recent transactions. Etsy (NYSE:ETSY) Insider Josh Silverman Sells 39,161 Shares of 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.