Brokerages Set Etsy, Inc. (NASDAQ:ETSY) PT at $61.12

Etsy, Inc. (NASDAQ:ETSY) has received a consensus recommendation of “Hold” from the thirty research firms that are presently covering the stock, MarketBeat Ratings reports. Three research analysts have rated the stock with a sell recommendation, eighteen have given 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 target among brokers that have covered the stock in the last year is $60.40.

A number of analysts have issued reports on ETSY shares. Cantor Fitzgerald reduced their price target on shares of Etsy from $55.00 to $51.00 and set a “neutral” rating on the stock in a report on Friday, February 20th. BNP Paribas Exane began coverage on Etsy in a report on Monday, November 24th. They issued a “neutral” rating on the stock. JPMorgan Chase & Co. dropped their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. Jefferies Financial Group cut their price target on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a report on Thursday, February 12th. Finally, Evercore cut Etsy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th.

Etsy Price Performance

Shares of ETSY opened at $53.24 on Monday. The firm has a market cap of $5.12 billion, a P/E ratio of 42.93, a price-to-earnings-growth ratio of 10.65 and a beta of 1.77. Etsy has a 1 year low of $40.05 and a 1 year high of $76.51. The company has a 50 day simple moving average of $55.63 and a two-hundred day simple moving average of $59.36.

Etsy announced that its Board of Directors has authorized a stock repurchase program on Thursday, December 18th that allows the company to repurchase $750.00 million in outstanding shares. This repurchase authorization allows the specialty retailer to reacquire up to 14.2% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Etsy news, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction on Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Josh Silverman sold 21,666 shares of the business’s stock in a transaction dated Monday, February 2nd. The stock was sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the completion of the sale, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 135,934 shares of company stock worth $7,661,068. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

Several large investors have recently modified their holdings of ETSY. Smartleaf Asset Management LLC lifted its position in Etsy by 10.0% in the second quarter. Smartleaf Asset Management LLC now owns 1,734 shares of the specialty retailer’s stock worth $88,000 after buying an additional 158 shares during the last quarter. Alamea Verwaltungs GmbH boosted its stake in shares of Etsy by 2.3% during the 2nd quarter. Alamea Verwaltungs GmbH now owns 7,380 shares of the specialty retailer’s stock worth $370,000 after purchasing an additional 169 shares during the period. Ameritas Investment Partners Inc. grew its holdings in Etsy by 0.6% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 28,705 shares of the specialty retailer’s stock valued at $1,440,000 after purchasing an additional 172 shares during the last quarter. PNC Financial Services Group Inc. raised its position in Etsy by 2.4% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,550 shares of the specialty retailer’s stock worth $419,000 after purchasing an additional 180 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Etsy by 6.6% in the fourth quarter. GAMMA Investing LLC now owns 3,333 shares of the specialty retailer’s stock worth $185,000 after purchasing an additional 205 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.