The Goldman Sachs Group Upgrades Etsy (NYSE:ETSY) to Hold

Etsy (NYSE:ETSY) was upgraded by equities research analysts at The Goldman Sachs Group to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

A number of other analysts also recently issued reports on the company. JPMorgan Chase & Co. raised Etsy from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $85.00 to $100.00 in a report on Friday, August 7th. Barclays increased their price objective on Etsy from $82.00 to $94.00 and gave the company an “overweight” rating in a report on Friday, August 7th. UBS Group raised their target price on Etsy from $74.00 to $86.00 and gave the stock a “neutral” rating in a research report on Friday, August 7th. Canaccord Genuity Group set a $92.00 target price on Etsy in a research note on Thursday, August 6th. Finally, Citigroup upped their price target on Etsy from $60.00 to $92.00 and gave the company a “neutral” rating in a report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $82.73.

Etsy Trading Down 2.2%

Etsy stock opened at $78.17 on Monday. The stock has a market cap of $7.42 billion, a P/E ratio of 43.67, a price-to-earnings-growth ratio of 5.47 and a beta of 1.84. The company has a fifty day simple moving average of $78.84 and a 200-day simple moving average of $64.54. Etsy has a 12-month low of $44.00 and a 12-month high of $87.97.

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

Insiders Place Their Bets

In related news, CFO Charles Baker sold 1,564 shares of the firm’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $85.88, for a total transaction of $134,316.32. Following the transaction, the chief financial officer owned 11,357 shares in the company, valued at $975,339.16. This trade represents a 12.10% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Richard Edward Colburn III sold 8,252 shares of Etsy stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $82.09, for a total value of $677,406.68. Following the transaction, the insider directly owned 6,503 shares in the company, valued at approximately $533,831.27. This trade represents a 55.93% 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 604,262 shares of company stock worth $45,085,166. Corporate insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Etsy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ETSY. Smartleaf Asset Management LLC boosted its holdings in shares of Etsy by 10.0% in the second quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the company’s stock valued at $88,000 after acquiring an additional 158 shares during the period. Alamea Verwaltungs GmbH increased its holdings in shares of Etsy by 2.3% in the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the company’s stock valued at $370,000 after acquiring an additional 169 shares during the period. 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 acquiring an additional 180 shares during the period. Blue Trust Inc. increased its holdings in shares of Etsy by 19.3% in the 1st 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 period. Finally, Oregon Public Employees Retirement Fund raised its position in Etsy by 1.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 22,547 shares of the company’s stock valued at $1,250,000 after purchasing an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.