Etsy (NASDAQ:ETSY) Given Underweight Rating at Morgan Stanley

Morgan Stanley reissued their underweight rating on shares of Etsy (NASDAQ:ETSY) in a research note issued to investors on Thursday, MarketBeat.com reports. They currently have a $55.00 price target on the specialty retailer’s stock, down from their previous price target of $65.00.

A number of other analysts have also weighed in on the company. Wells Fargo & Company cut their price objective on Etsy from $62.00 to $60.00 and set an underweight rating on the stock in a research report on Thursday, April 4th. BTIG Research cut their price objective on Etsy from $90.00 to $87.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Truist Financial cut their price objective on Etsy from $87.00 to $85.00 and set a buy rating on the stock in a research report on Thursday, February 22nd. Evercore ISI cut their price objective on Etsy from $95.00 to $90.00 and set an outperform rating on the stock in a research report on Thursday, February 22nd. Finally, Wedbush cut their price objective on Etsy from $85.00 to $80.00 and set a neutral rating on the stock in a research report on Thursday, February 22nd. Three analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $87.48.

Etsy Stock Down 0.2 %

Shares of NASDAQ ETSY opened at $67.34 on Thursday. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 30.06, a PEG ratio of 4.77 and a beta of 2.01. Etsy has a 52-week low of $58.20 and a 52-week high of $104.93. The business’s 50 day moving average is $69.90 and its two-hundred day moving average is $71.33.

Etsy (NASDAQ:ETSY) last announced its earnings results on Wednesday, February 21st. The specialty retailer reported $0.78 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.78. The company had revenue of $842.32 million for the quarter, compared to analyst estimates of $827.40 million. Etsy had a negative return on equity of 70.75% and a net margin of 11.19%. Analysts anticipate that Etsy will post 2.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at $183,868.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Merilee Buckley sold 1,671 shares of the stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $65.04, for a total transaction of $108,681.84. Following the completion of the transaction, the chief accounting officer now directly owns 2,827 shares of the company’s stock, valued at $183,868.08. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Josh Silverman sold 63,047 shares of the stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $72.50, for a total transaction of $4,570,907.50. Following the transaction, the chief executive officer now directly owns 23,140 shares of the company’s stock, valued at $1,677,650. The disclosure for this sale can be found here. Insiders sold 66,968 shares of company stock valued at $4,836,827 over the last ninety days. Corporate insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Etsy by 0.9% in the first quarter. Vanguard Group Inc. now owns 13,703,486 shares of the specialty retailer’s stock valued at $1,703,069,000 after buying an additional 118,034 shares in the last quarter. Capital International Investors increased its holdings in Etsy by 0.6% in the fourth quarter. Capital International Investors now owns 8,175,260 shares of the specialty retailer’s stock valued at $662,605,000 after buying an additional 45,305 shares in the last quarter. Van ECK Associates Corp increased its holdings in Etsy by 26.5% in the fourth quarter. Van ECK Associates Corp now owns 4,616,990 shares of the specialty retailer’s stock valued at $374,207,000 after buying an additional 967,777 shares in the last quarter. Bares Capital Management Inc. increased its holdings in Etsy by 0.9% in the fourth quarter. Bares Capital Management Inc. now owns 4,080,338 shares of the specialty retailer’s stock valued at $330,711,000 after buying an additional 36,623 shares in the last quarter. Finally, Capital World Investors increased its holdings in Etsy by 13.4% in the first quarter. Capital World Investors now owns 3,457,269 shares of the specialty retailer’s stock valued at $429,669,000 after buying an additional 409,540 shares in the last quarter. 99.53% of the stock is owned by hedge funds and other institutional investors.

About Etsy

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.