Etsy Inc (NASDAQ:ETSY) shares gapped up before the market opened on Monday . The stock had previously closed at $28.85, but opened at $27.93. Etsy shares last traded at $28.08, with a volume of 2129315 shares.

Several research firms have weighed in on ETSY. Zacks Investment Research raised Etsy from a “sell” rating to a “hold” rating in a research report on Wednesday, February 21st. BidaskClub raised Etsy from a “hold” rating to a “buy” rating in a research report on Saturday, December 9th. Morgan Stanley lowered Etsy from an “equal weight” rating to an “underweight” rating and set a $17.00 price target on the stock. in a research report on Friday, January 12th. Piper Jaffray Companies reaffirmed a “hold” rating and set a $23.00 price target on shares of Etsy in a research report on Thursday, March 1st. Finally, KeyCorp boosted their price target on Etsy from $26.00 to $28.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $21.19.

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The company has a debt-to-equity ratio of 0.16, a current ratio of 4.29 and a quick ratio of 4.29. The company has a market capitalization of $3,400.00 and a price-to-earnings ratio of 66.48.

Etsy declared that its board has authorized a share repurchase program on Friday, November 17th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the specialty retailer to repurchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

In related news, Director Jonathan D. Klein sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $21.31, for a total transaction of $1,065,500.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.00% of the stock is currently owned by insiders.

Hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada increased its holdings in shares of Etsy by 30.3% during the 2nd quarter. Royal Bank of Canada now owns 8,812 shares of the specialty retailer’s stock worth $133,000 after acquiring an additional 2,049 shares during the last quarter. Steward Partners Investment Advisory LLC increased its holdings in shares of Etsy by 99.8% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 6,728 shares of the specialty retailer’s stock worth $137,000 after acquiring an additional 3,361 shares during the last quarter. Public Employees Retirement Association of Colorado acquired a new position in shares of Etsy during the 4th quarter worth approximately $154,000. Trexquant Investment LP acquired a new position in shares of Etsy during the 3rd quarter worth approximately $192,000. Finally, Keybank National Association OH acquired a new position in shares of Etsy during the 4th quarter worth approximately $205,000. 79.94% of the stock is currently owned by institutional investors and hedge funds.

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About Etsy

Etsy, Inc (Etsy) operates a marketplace where people around the world connect, both online and offline, to make, sell and buy goods. The Company offers a range of seller services and tools that help entrepreneurs start, grow and manage their businesses. The Company’s community includes Etsy sellers, Etsy buyers, Etsy employees, its partners and investors.

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