Etsy (NASDAQ:ETSY) Price Target Raised to $56.00

Etsy (NASDAQ:ETSY) had its price objective boosted by Citigroup from $54.00 to $56.00 in a research report sent to investors on Friday morning,Benzinga reports. The brokerage currently has a neutral rating on the specialty retailer’s stock.

A number of other equities analysts have also recently issued reports on the company. Barclays cut their price target on Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a report on Thursday, October 31st. Wedbush cut their target price on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Stifel Nicolaus cut their target price on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a report on Monday, October 28th. Wells Fargo & Company cut their target price on Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a report on Friday, November 1st. Finally, Morgan Stanley cut their target price on Etsy from $47.00 to $45.00 and set an “underweight” rating on the stock in a report on Monday, January 13th. Four investment analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $62.50.

Etsy Stock Performance

Etsy stock opened at $57.20 on Friday. The stock has a market capitalization of $6.43 billion, a price-to-earnings ratio of 29.18, a PEG ratio of 2.71 and a beta of 2.00. Etsy has a 52-week low of $47.10 and a 52-week high of $78.65. The stock’s 50 day moving average price is $54.93 and its two-hundred day moving average price is $53.88.

Etsy announced that its Board of Directors has authorized a stock repurchase program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ETSY. Pacer Advisors Inc. boosted its stake in Etsy by 183.9% in the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after purchasing an additional 3,861,668 shares during the period. Norges Bank bought a new stake in shares of Etsy during the 4th quarter valued at about $74,235,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Etsy during the 3rd quarter valued at about $55,530,000. Holocene Advisors LP bought a new stake in shares of Etsy during the 3rd quarter valued at about $49,061,000. Finally, Assenagon Asset Management S.A. boosted its position in shares of Etsy by 132.9% during the 4th quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer’s stock valued at $78,827,000 after acquiring an additional 850,520 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

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.