Etsy (NASDAQ:ETSY) Stock Price Expected to Rise, Citigroup Analyst Says

Etsy (NASDAQ:ETSY - Free Report) had its price target increased by Citigroup from $54.00 to $56.00 in a research note released on Friday morning,Benzinga reports. Citigroup currently has a neutral rating on the specialty retailer's stock.

A number of other equities research analysts also recently weighed in on ETSY. Jefferies Financial Group raised shares of Etsy from an "underperform" rating to a "hold" rating and lifted their price target for the company from $45.00 to $55.00 in a report on Monday, January 13th. Moffett Nathanson boosted their target price on shares of Etsy from $60.00 to $61.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Wells Fargo & Company dropped their price target on Etsy from $47.00 to $44.00 and set an "underweight" rating for the company in a research note on Friday, November 1st. Needham & Company LLC restated a "buy" rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday, October 31st. Finally, JMP Securities reiterated a "market perform" rating on shares of Etsy in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, Etsy has an average rating of "Hold" and an average target price of $62.50.

Etsy Price Performance

NASDAQ:ETSY traded up $0.14 during trading hours on Friday, hitting $57.34. The company's stock had a trading volume of 7,450,730 shares, compared to its average volume of 2,934,590. Etsy has a twelve month low of $47.10 and a twelve month high of $78.65. The stock has a fifty day simple moving average of $54.88 and a 200-day simple moving average of $53.84. The company has a market capitalization of $6.45 billion, a P/E ratio of 29.26, a PEG ratio of 2.71 and a beta of 2.00.

Etsy declared that its board has initiated a share 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 often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Etsy

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

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings in shares of Etsy by 106.5% in 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. Lindbrook Capital LLC raised its stake in shares of Etsy by 55.7% in the fourth quarter. Lindbrook Capital LLC now owns 506 shares of the specialty retailer's stock worth $27,000 after purchasing an additional 181 shares during the last quarter. True Wealth Design LLC raised its stake in shares of Etsy by 112.7% in the fourth quarter. True Wealth Design LLC now owns 551 shares of the specialty retailer's stock worth $29,000 after purchasing an additional 292 shares during the last quarter. Hurley Capital LLC purchased a new position in shares of Etsy during the fourth quarter valued at approximately $32,000. Finally, Strategic Investment Solutions Inc. IL bought a new stake in Etsy during the fourth quarter worth $34,000. Institutional investors and hedge funds own 99.53% of the company's stock.

About Etsy

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.