Etsy (NASDAQ:ETSY) Cut to Hold at Evercore ISI

Evercore ISI cut shares of Etsy (NASDAQ:ETSY) from a strong-buy rating to a hold rating in a research note published on Thursday morning,Zacks.com reports.

Several other brokerages have also issued reports on ETSY. B. Riley reissued a “buy” rating on shares of Etsy in a research note on Thursday. Raymond James Financial reissued an “outperform” rating and set a $78.00 target price (down from $80.00) on shares of Etsy in a research note on Thursday. Cantor Fitzgerald reissued a “neutral” rating and set a $64.00 target price on shares of Etsy in a research note on Thursday. JPMorgan Chase & Co. increased their target price on shares of Etsy from $60.00 to $65.00 and gave the stock a “neutral” rating in a research note on Monday, October 13th. Finally, Morgan Stanley increased their target price on shares of Etsy from $61.00 to $65.00 and gave the stock an “equal weight” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, nineteen have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, Etsy presently has a consensus rating of “Hold” and an average target price of $64.24.

Etsy Stock Performance

NASDAQ:ETSY opened at $61.89 on Thursday. The firm’s fifty day moving average is $64.40 and its 200-day moving average is $57.98. Etsy has a 52 week low of $40.05 and a 52 week high of $76.51. The firm has a market cap of $6.13 billion, a P/E ratio of 49.91, a P/E/G ratio of 10.65 and a beta of 1.85.

Etsy (NASDAQ:ETSY) last issued its earnings results on Wednesday, October 29th. The specialty retailer reported $0.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.06. The business had revenue of $678.03 million for the quarter, compared to analyst estimates of $655.83 million. Etsy had a net margin of 5.78% and a negative return on equity of 31.10%. Etsy’s revenue was up 2.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.45 earnings per share. As a group, sell-side analysts anticipate that Etsy will post 2.57 earnings per share for the current year.

Insider Transactions at Etsy

In other Etsy news, CEO Josh Silverman sold 150,000 shares of the firm’s stock in a transaction on Monday, September 29th. The shares were sold at an average price of $72.50, for a total value of $10,875,000.00. Following the transaction, the chief executive officer directly owned 62,674 shares of the company’s stock, valued at approximately $4,543,865. This trade represents a 70.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Charles Andrew Ballard sold 2,400 shares of the firm’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $62.42, for a total transaction of $149,808.00. Following the completion of the transaction, the director directly owned 5,796 shares in the company, valued at $361,786.32. This trade represents a 29.28% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 372,592 shares of company stock valued at $24,594,707. Corporate insiders own 2.80% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Heritage Wealth Advisors lifted its position in shares of Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock valued at $25,000 after purchasing an additional 405 shares in the last quarter. Signaturefd LLC lifted its position in shares of Etsy by 52.7% during the second quarter. Signaturefd LLC now owns 556 shares of the specialty retailer’s stock valued at $28,000 after purchasing an additional 192 shares in the last quarter. Allworth Financial LP lifted its position in shares of Etsy by 47.6% during the first quarter. Allworth Financial LP now owns 769 shares of the specialty retailer’s stock valued at $35,000 after purchasing an additional 248 shares in the last quarter. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy during the second quarter valued at about $35,000. Finally, SVB Wealth LLC bought a new position in shares of Etsy during the first quarter valued at about $36,000. 99.53% of the stock is owned by institutional investors.

Etsy Company Profile

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. 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.