Etsy, Inc. (NASDAQ:ETSY) Given Average Recommendation of “Hold” by Brokerages

Shares of Etsy, Inc. (NASDAQ:ETSY) have earned an average rating of “Hold” from the twenty-six brokerages that are currently covering the company, Marketbeat reports. Four research analysts have rated the stock with a sell recommendation, fourteen have issued a hold recommendation, seven have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $62.42.

Several research firms have recently issued reports on ETSY. Needham & Company LLC restated a “buy” rating and set a $60.00 target price on shares of Etsy in a research report on Thursday, October 31st. Truist Financial decreased their target price on Etsy from $70.00 to $67.00 and set a “buy” rating for the company in a research report on Wednesday, January 29th. JMP Securities restated a “market perform” rating on shares of Etsy in a research report on Monday, December 16th. Bank of America decreased their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 24th. Finally, Raymond James cut their price objective on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd.

Etsy Trading Down 0.9 %

Etsy stock opened at $52.79 on Thursday. The firm has a market capitalization of $5.94 billion, a P/E ratio of 26.93, a PEG ratio of 2.71 and a beta of 2.00. Etsy has a 1 year low of $47.10 and a 1 year high of $78.65. The business has a 50-day moving average of $54.97 and a 200-day moving average of $54.07.

Etsy declared that its board has authorized a stock buyback program on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Etsy news, insider Nicholas Daniel sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. The trade was a 6.33 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 2.60% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Lindbrook Capital LLC increased its holdings in shares of Etsy by 55.7% during the 4th quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer’s stock worth $27,000 after acquiring an additional 181 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Etsy by 8.7% during the 4th quarter. Larson Financial Group LLC now owns 2,728 shares of the specialty retailer’s stock worth $144,000 after acquiring an additional 218 shares during the last quarter. Blue Trust Inc. increased its holdings in shares of Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after acquiring an additional 231 shares during the last quarter. Heron Bay Capital Management increased its holdings in shares of Etsy by 1.3% during the 4th quarter. Heron Bay Capital Management now owns 20,260 shares of the specialty retailer’s stock worth $1,072,000 after acquiring an additional 258 shares during the last quarter. Finally, Denver PWM LLC increased its holdings in shares of Etsy by 36.1% during the 4th quarter. Denver PWM LLC now owns 1,090 shares of the specialty retailer’s stock worth $58,000 after acquiring an additional 289 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Company Profile

Etsy, Inc, together with its subsidiaries, operates two-sided online marketplaces that connect buyers and sellers in the United States, the United Kingdom, Germany, Canada, Australia, and France. Its primary marketplace is Etsy.com that connects artisans and entrepreneurs with various consumers. The company also offers Reverb, a musical instrument marketplace; Depop, a fashion resale marketplace; and Elo7, a Brazil-based marketplace for handmade and unique items.