Etsy (NYSE:ETSY) Stock Moved Down to “Hold” by Arete Research

Etsy (NYSE:ETSY) was downgraded by investment analysts at Arete Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday, Zacks reports.

Several other equities research analysts also recently commented on the stock. Citigroup boosted their target price on shares of Etsy from $60.00 to $92.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Morgan Stanley raised shares of Etsy from an “underweight” rating to an “outperform” rating in a research report on Thursday, August 20th. Loop Capital set a $105.00 target price on Etsy in a report on Thursday, August 20th. Guggenheim lifted their target price on Etsy from $85.00 to $95.00 and gave the company a “buy” rating in a research report on Friday, August 7th. Finally, Zacks Research upgraded Etsy from a “hold” rating to a “strong-buy” rating in a report on Monday, August 31st. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $86.21.

Etsy Trading Down 6.5%

Shares of ETSY stock opened at $68.91 on Thursday. The stock has a market cap of $6.54 billion, a P/E ratio of 38.50, a price-to-earnings-growth ratio of 1.88 and a beta of 1.81. The stock has a 50 day simple moving average of $79.67 and a 200 day simple moving average of $69.48. Etsy has a 1 year low of $44.00 and a 1 year high of $87.97.

Etsy (NYSE:ETSY) last announced its quarterly earnings data 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). The company had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. Etsy had a net margin of 7.32% and a negative return on equity of 34.18%. Etsy’s revenue was down .7% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. Analysts forecast that Etsy will post 3.94 EPS for the current year.

Insider Buying and Selling

In related news, insider Richard Edward Colburn III sold 2,913 shares of the stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $82.11, for a total transaction of $239,186.43. Following the completion of the sale, the insider directly owned 6,503 shares in the company, valued at $533,961.33. This represents a 30.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Josh Silverman sold 1,671 shares of the firm’s stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $84.00, for a total value of $140,364.00. Following the transaction, the insider owned 249,559 shares in the company, valued at approximately $20,962,956. The trade was a 0.67% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 271,149 shares of company stock worth $21,391,497 in the last 90 days. 2.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Global Retirement Partners LLC bought a new position in shares of Etsy during the second quarter valued at about $34,000. EFG International AG purchased a new position in Etsy during the 2nd quarter valued at about $45,000. Blue Trust Inc. increased its holdings in Etsy by 19.3% during the 1st 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. Eurizon Capital SGR S.p.A. bought a new position in Etsy during the 4th quarter valued at approximately $79,000. Finally, CoreCap Advisors LLC raised its position in Etsy by 2,379.1% during the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company’s stock valued at $80,000 after purchasing an additional 1,023 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

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.