Etsy (NYSE:ETSY) Lowered to Hold Rating by 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.

ETSY has been the subject of a number of other reports. Morgan Stanley set a $64.00 price objective on shares of Etsy in a research note on Wednesday, April 29th. B. Riley Financial lowered shares of Etsy from a “buy” rating to a “neutral” rating and boosted their price target for the company from $70.00 to $75.00 in a report on Thursday, April 30th. Citigroup assumed coverage on shares of Etsy in a research report on Thursday, May 21st. They issued an “outperform” rating for the company. Guggenheim initiated coverage on shares of Etsy in a research note on Thursday, May 21st. They issued a “buy” rating for the company. Finally, UBS Group upgraded shares of Etsy from a “neutral” rating to a “neutral” rating in a research report on Thursday, May 21st. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, twenty have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $73.08.

Etsy Stock Up 3.3%

Shares of NYSE ETSY opened at $85.78 on Tuesday. Etsy has a 12 month low of $44.00 and a 12 month high of $87.14. The company has a market cap of $8.14 billion, a price-to-earnings ratio of 35.74, a P/E/G ratio of 3.46 and a beta of 1.83. The business has a fifty day simple moving average of $69.95 and a 200-day simple moving average of $60.84.

Insider Buying and Selling

In other Etsy news, Director Frederick R. Wilson sold 20,000 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $74.39, for a total value of $1,487,800.00. Following the completion of the sale, the director owned 441,329 shares in the company, valued at $32,830,464.31. This represents a 4.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $75.35, for a total transaction of $66,383.35. Following the completion of 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. Over the last three months, insiders sold 759,312 shares of company stock worth $53,799,597. 2.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently modified their holdings of ETSY. Handelsbanken Fonder AB raised its holdings in shares of Etsy by 11.2% during the second quarter. Handelsbanken Fonder AB now owns 34,700 shares of the company’s stock worth $2,614,000 after acquiring an additional 3,500 shares in the last quarter. Hennion & Walsh Asset Management Inc. purchased a new position in Etsy in the second quarter valued at about $492,000. Assenagon Asset Management S.A. grew its stake in Etsy by 48.0% in the second quarter. Assenagon Asset Management S.A. now owns 1,613,333 shares of the company’s stock valued at $121,532,000 after purchasing an additional 523,092 shares in the last quarter. GAMMA Investing LLC increased its position in Etsy by 24.6% in the 2nd quarter. GAMMA Investing LLC now owns 3,800 shares of the company’s stock worth $286,000 after purchasing an additional 750 shares during the last quarter. Finally, CoreCap Advisors LLC increased its position in Etsy by 2,379.1% in the 2nd quarter. CoreCap Advisors LLC now owns 1,066 shares of the company’s stock worth $80,000 after purchasing an additional 1,023 shares during the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Etsy News Roundup

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

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.