Etsy (NASDAQ:ETSY) Director Charles Andrew Ballard Sells 1,790 Shares of Stock

Etsy, Inc. (NASDAQ:ETSY) Director Charles Andrew Ballard sold 1,790 shares of Etsy stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total transaction of $99,774.60. Following the completion of the transaction, the director directly owned 4,006 shares in the company, valued at $223,294.44. This trade represents a 30.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Etsy Stock Performance

Shares of Etsy stock traded down $1.74 during midday trading on Friday, hitting $54.89. 1,907,614 shares of the company traded hands, compared to its average volume of 4,000,230. The firm’s fifty day moving average price is $55.64 and its 200-day moving average price is $58.92. The stock has a market cap of $5.28 billion, a price-to-earnings ratio of 44.27, a PEG ratio of 10.65 and a beta of 1.74. Etsy, Inc. has a 12 month low of $40.05 and a 12 month high of $76.51.

Etsy announced that its board has authorized a share repurchase 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 often a sign that the company’s board believes its stock is undervalued.

Hedge Funds Weigh In On Etsy

Several large investors have recently modified their holdings of the stock. Public Sector Pension Investment Board raised its stake in Etsy by 21.2% during the 3rd quarter. Public Sector Pension Investment Board now owns 430,824 shares of the specialty retailer’s stock worth $28,602,000 after acquiring an additional 75,295 shares during the period. Allianz Asset Management GmbH increased its holdings in shares of Etsy by 1,648.1% in the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock worth $46,916,000 after purchasing an additional 666,253 shares during the last quarter. Monaco Asset Management SAM purchased a new stake in shares of Etsy during the 2nd quarter worth approximately $1,254,000. Great Lakes Advisors LLC bought a new position in Etsy during the third quarter valued at $1,889,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Etsy by 62.3% during the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock valued at $185,197,000 after purchasing an additional 1,416,772 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Analyst Upgrades and Downgrades

ETSY has been the topic of a number of research reports. Cantor Fitzgerald dropped their price target on Etsy from $55.00 to $51.00 and set a “neutral” rating on the stock in a research note on Friday, February 20th. JPMorgan Chase & Co. reduced their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Friday, February 20th. UBS Group decreased their target price on Etsy from $74.00 to $53.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Morgan Stanley lowered their target price on shares of Etsy from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Friday, February 20th. Finally, Jefferies Financial Group decreased their price target on shares of Etsy from $62.00 to $55.00 and set a “hold” rating on the stock in a report on Thursday, February 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $60.40.

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.