Etsy, Inc. (NASDAQ:ETSY) Given Consensus Rating of “Hold” by Analysts

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

ETSY has been the subject of a number of analyst reports. Wedbush reduced their price objective on shares of Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a research note on Friday, December 19th. Cantor Fitzgerald reduced their price target on shares of Etsy from $55.00 to $51.00 and set a “neutral” rating for the company in a research report on Friday, February 20th. Morgan Stanley decreased their price objective on shares of Etsy from $65.00 to $60.00 and set an “equal weight” rating for the company in a report on Friday, February 20th. UBS Group lowered their price objective on Etsy from $74.00 to $53.00 and set a “neutral” rating on the stock in a research report on Friday, February 20th. Finally, Citigroup reissued a “buy” rating on shares of Etsy in a report on Tuesday, December 30th.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $54.75 on Monday. The business has a fifty day moving average price of $55.66 and a 200-day moving average price of $59.28. The company has a market capitalization of $5.27 billion, a PE ratio of 44.15, a PEG 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.

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

Insider Transactions at Etsy

In other Etsy news, insider Josh Silverman sold 86,666 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $57.46, for a total transaction of $4,979,828.36. Following the transaction, the insider owned 90,661 shares in the company, valued at approximately $5,209,381.06. This represents a 48.87% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Merilee Buckley sold 5,636 shares of the firm’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $58.45, for a total transaction of $329,424.20. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 135,934 shares of company stock valued at $7,661,068. 2.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Etsy

Hedge funds and other institutional investors have recently modified their holdings of the company. Integrated Wealth Concepts LLC grew its holdings in shares of Etsy by 19.1% in the first quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the specialty retailer’s stock worth $282,000 after acquiring an additional 961 shares during the period. Empowered Funds LLC boosted its position in Etsy by 55.5% in the first quarter. Empowered Funds LLC now owns 9,673 shares of the specialty retailer’s stock worth $456,000 after purchasing an additional 3,451 shares during the last quarter. Woodline Partners LP bought a new stake in shares of Etsy during the 1st quarter valued at about $2,181,000. Allianz Asset Management GmbH increased its position in shares of Etsy by 85.3% during the 2nd quarter. Allianz Asset Management GmbH now owns 40,426 shares of the specialty retailer’s stock valued at $2,028,000 after purchasing an additional 18,608 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. increased its position in shares of Etsy by 155.7% during the 2nd quarter. Sumitomo Mitsui Trust Group Inc. now owns 14,680 shares of the specialty retailer’s stock valued at $736,000 after purchasing an additional 8,940 shares during the last quarter. 99.53% of the stock is owned by institutional investors.

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.