Etsy (NYSE:ETSY) Upgraded at BTIG Research

BTIG Research upgraded shares of Etsy (NYSE:ETSY) from a neutral rating to a buy rating in a research report released on Friday morning, MarketBeat reports. The firm currently has $90.00 price objective on the stock.

ETSY has been the subject of a number of other research reports. Barclays boosted their price objective on shares of Etsy from $82.00 to $94.00 and gave the company an “overweight” rating in a research report on Friday, August 7th. President Capital upgraded shares of Etsy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $57.00 to $91.00 in a research report on Thursday, June 25th. Guggenheim lifted their target price on shares of Etsy from $85.00 to $95.00 and gave the stock a “buy” rating in a research note on Friday, August 7th. Evercore set a $83.00 price target on Etsy in a report on Thursday, August 6th. Finally, Weiss Ratings lowered Etsy from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, August 6th. Four equities research 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $86.03.

Etsy Stock Down 0.0%

ETSY opened at $72.59 on Friday. The firm has a market cap of $6.89 billion, a P/E ratio of 40.55, a PEG ratio of 1.81 and a beta of 1.81. The business’s fifty day simple moving average is $80.51 and its 200 day simple moving average is $69.01. Etsy has a 52 week low of $44.00 and a 52 week high of $87.97.

Etsy (NYSE:ETSY) last announced 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 net margin of 7.32% and a negative return on equity of 34.18%. The firm had revenue of $668.31 million during the quarter, compared to analyst estimates of $646.10 million. During the same period in the previous year, the firm posted $0.25 EPS. The company’s revenue for the quarter was down .7% compared to the same quarter last year. As a group, equities analysts expect that Etsy will post 3.94 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Charles Ballard sold 4,500 shares of the business’s stock in a transaction that occurred on 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 sale, the director directly owned 4,239 shares in the company, valued at approximately $346,962.15. The trade was a 51.49% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Frederick Wilson sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $81.86, for a total transaction of $1,637,200.00. Following the transaction, the director directly owned 401,329 shares of the company’s stock, valued at $32,852,791.94. This trade 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. In the last three months, insiders sold 368,538 shares of company stock valued at $29,085,228. 2.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. William Blair Investment Management LLC purchased a new position in Etsy in the second quarter valued at approximately $120,417,000. SG Americas Securities LLC grew its stake in Etsy by 717.7% during the first quarter. SG Americas Securities LLC now owns 1,497,174 shares of the company’s stock worth $74,829,000 after buying an additional 1,314,071 shares during the period. Arrowstreet Capital Limited Partnership grew its stake in Etsy by 51.4% during the first quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company’s stock worth $163,841,000 after buying an additional 1,112,520 shares during the period. Findlay Park Partners LLP acquired a new stake in shares of Etsy in the second quarter worth $66,170,000. Finally, Norges Bank acquired a new stake in shares of Etsy in the fourth quarter worth $33,903,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Etsy Company Profile

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.