Etsy (NASDAQ:ETSY) Price Target Lowered to $55.00 at Jefferies Financial Group

Etsy (NASDAQ:ETSY) had its target price lowered by Jefferies Financial Group from $62.00 to $55.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a hold rating on the specialty retailer’s stock.

Several other brokerages have also recently weighed in on ETSY. Citigroup reissued a “buy” rating on shares of Etsy in a research report on Tuesday, December 30th. Needham & Company LLC upped their price target on shares of Etsy from $72.00 to $76.00 and gave the company a “buy” rating in a research report on Thursday, October 30th. B. Riley Financial reissued a “buy” rating on shares of Etsy in a research note on Thursday, October 30th. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $72.00 target price on shares of Etsy in a research report on Thursday, October 23rd. Finally, The Goldman Sachs Group upped their target price on shares of Etsy from $48.00 to $57.00 and gave the company a “sell” rating in a report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Etsy presently has a consensus rating of “Hold” and an average target price of $63.52.

Etsy Price Performance

Shares of Etsy stock opened at $46.11 on Thursday. The stock has a market capitalization of $4.55 billion, a PE ratio of 37.19, a P/E/G 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’s fifty day simple moving average is $56.51 and its 200-day simple moving average is $60.00.

Etsy announced that its Board of Directors has initiated a share repurchase program on Thursday, December 18th that authorizes the company to buyback $750.00 million in shares. This buyback authorization authorizes the specialty retailer to reacquire up to 14.2% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Etsy

In related news, CAO Merilee Buckley sold 5,636 shares of the stock in a transaction that occurred on Monday, January 5th. The shares were sold at an average price of $58.45, for a total value of $329,424.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Josh Silverman sold 21,666 shares of the business’s stock in a transaction on 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 sale, the insider directly owned 90,661 shares in the company, valued at $4,828,604.86. This represents a 19.29% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 135,934 shares of company stock valued at $7,663,369 over the last three months. 2.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in ETSY. Integrated Wealth Concepts LLC boosted its position in Etsy by 19.1% during the 1st quarter. Integrated Wealth Concepts LLC now owns 5,986 shares of the specialty retailer’s stock valued at $282,000 after buying an additional 961 shares during the period. Empowered Funds LLC grew its position in shares of Etsy by 55.5% during the 1st quarter. Empowered Funds LLC now owns 9,673 shares of the specialty retailer’s stock valued at $456,000 after acquiring an additional 3,451 shares during the period. Woodline Partners LP bought a new position in shares of Etsy in the first quarter worth about $2,181,000. IFP Advisors Inc lifted its holdings in shares of Etsy by 21.6% in the second quarter. IFP Advisors Inc now owns 4,001 shares of the specialty retailer’s stock worth $201,000 after buying an additional 712 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Etsy by 18.7% during the 2nd quarter. Blue Trust Inc. now owns 1,150 shares of the specialty retailer’s stock valued at $58,000 after purchasing an additional 181 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

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.