Etsy, Inc. (NASDAQ:ETSY) Receives $61.12 Average Target Price from Analysts

Etsy, Inc. (NASDAQ:ETSY) has received an average recommendation of “Hold” from the thirty ratings firms that are covering the stock, MarketBeat.com reports. Three analysts have rated the stock with a sell recommendation, eighteen have assigned a hold recommendation, eight have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $60.40.

Several brokerages have weighed in on ETSY. Canaccord Genuity Group cut their target price on Etsy from $80.00 to $72.00 and set a “buy” rating on the stock in a research note on Friday, February 20th. Needham & Company LLC reduced their price objective on shares of Etsy from $76.00 to $65.00 and set a “buy” rating for the company in a report on Friday, February 20th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Etsy from $63.00 to $54.00 and set a “hold” rating for the company in a research report on Tuesday, February 24th. Jefferies Financial Group dropped their price target on shares of Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a research report on Thursday, February 12th. Finally, Citigroup reiterated a “buy” rating on shares of Etsy in a report on Tuesday, December 30th.

Insider Transactions at Etsy

In other news, insider Josh Silverman sold 21,666 shares of the firm’s stock in a transaction dated Monday, February 2nd. The shares were sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the transaction, the insider owned 90,661 shares in the company, valued at approximately $4,828,604.86. This trade represents a 19.29% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Merilee Buckley sold 5,636 shares of the business’s stock in a transaction that occurred on Monday, January 5th. The stock was sold at an average price of $58.45, for a total transaction of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 114,268 shares of company stock valued at $6,476,588 over the last three months. 2.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently modified their holdings of the stock. Holocene Advisors LP lifted its holdings in shares of Etsy by 697.4% during the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after purchasing an additional 4,673,615 shares during the last quarter. AQR Capital Management LLC raised its holdings in Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the specialty retailer’s stock worth $227,785,000 after buying an additional 1,177,301 shares during the period. Lone Pine Capital LLC purchased a new stake in Etsy during the third quarter valued at about $257,614,000. Van ECK Associates Corp lifted its stake in Etsy by 1.1% during the fourth quarter. Van ECK Associates Corp now owns 3,734,156 shares of the specialty retailer’s stock valued at $207,022,000 after buying an additional 39,067 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its holdings in shares of Etsy by 62.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after buying an additional 1,416,772 shares during the period. 99.53% of the stock is currently owned by institutional investors and hedge funds.

Etsy Trading Down 0.8%

Shares of NASDAQ:ETSY opened at $54.75 on Monday. The firm’s 50 day moving average is $55.66 and its two-hundred day moving average is $59.15. The firm has a market capitalization of $5.27 billion, a P/E ratio of 44.15, a PEG ratio of 10.65 and a beta of 1.77. Etsy has a 52 week low of $40.05 and a 52 week high of $76.51.

Etsy declared that its Board of Directors has authorized a stock buyback plan on Thursday, December 18th that permits the company to buyback $750.00 million in shares. This buyback authorization permits the specialty retailer to reacquire up to 14.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

About Etsy

Etsy, Inc (NASDAQ: ETSY) operates a global e-commerce marketplace focused on handmade, vintage and unique goods. The platform connects individual artisans, small businesses and collectors with buyers seeking one-of-a-kind items, ranging from handcrafted jewelry and clothing to home décor and art supplies. Etsy’s revenue is primarily generated through listing fees, transaction fees on sales and optional seller services such as advertising and shipping labels.

Founded in 2005 and headquartered in Brooklyn, New York, Etsy has cultivated a community-driven ethos, encouraging sustainable practices and personal entrepreneurship.