Etsy, Inc. (NASDAQ:ETSY) Receives $62.42 Average Price Target from Brokerages

Shares of Etsy, Inc. (NASDAQ:ETSY) have been given a consensus recommendation of “Hold” by the twenty-six ratings firms that are presently covering the company, MarketBeat Ratings reports. Four research analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among brokerages that have issued a report on the stock in the last year is $62.50.

Several equities analysts have recently weighed in on the stock. Stifel Nicolaus cut their target price on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a report on Monday, October 28th. Barclays dropped their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Citigroup upped their price objective on shares of Etsy from $54.00 to $56.00 and gave the stock a “neutral” rating in a research report on Friday. Morgan Stanley dropped their target price on Etsy from $47.00 to $45.00 and set an “underweight” rating on the stock in a research report on Monday, January 13th. Finally, Wedbush reduced their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd.

Etsy Stock Up 3.4 %

Etsy stock opened at $57.20 on Thursday. Etsy has a 52 week low of $47.10 and a 52 week high of $78.65. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 29.18, a price-to-earnings-growth ratio of 2.71 and a beta of 2.00. The business’s 50-day moving average price is $54.93 and its 200 day moving average price is $53.96.

Etsy declared that its Board of Directors has approved a share buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now owns 22,198 shares in the company, valued at $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 2.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Etsy

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Blue Trust Inc. grew its stake in shares of Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after buying an additional 231 shares during the period. Lindbrook Capital LLC lifted its holdings in Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock valued at $27,000 after acquiring an additional 181 shares during the last quarter. UMB Bank n.a. grew its position in Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after acquiring an additional 292 shares during the period. Hurley Capital LLC acquired a new stake in Etsy during the fourth quarter worth $32,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Etsy in the 4th quarter valued at $34,000. 99.53% of the stock is currently owned by institutional investors and hedge funds.

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.