Analysts Set Etsy, Inc. (NASDAQ:ETSY) Price Target at $62.54

Etsy, Inc. (NASDAQ:ETSY - Get Free Report) has been assigned an average rating of "Hold" from the twenty-six analysts that are presently covering the stock, MarketBeat Ratings reports. Four analysts have rated the stock with a sell rating, fourteen have assigned a hold rating, seven have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokerages that have issued ratings on the stock in the last year is $62.54.

Several research firms have issued reports on ETSY. Barclays reduced their target price on Etsy from $60.00 to $55.00 and set an "equal weight" rating for the company in a report on Thursday, October 31st. Wells Fargo & Company cut their price target on shares of Etsy from $47.00 to $44.00 and set an "underweight" rating on the stock in a report on Friday, November 1st. Raymond James decreased their price target on Etsy from $72.00 to $65.00 and set an "outperform" rating for the company in a research note on Wednesday, October 23rd. The Goldman Sachs Group downgraded Etsy from a "neutral" rating to a "sell" rating and lowered their price target for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group raised Etsy from an "underperform" rating to a "hold" rating and lifted their price target for the stock from $45.00 to $55.00 in a research report on Monday, January 13th.

Etsy Trading Up 0.8 %

Shares of NASDAQ:ETSY traded up $0.40 during trading on Friday, hitting $53.12. 2,831,109 shares of the stock were exchanged, compared to its average volume of 3,573,337. Etsy has a 12-month low of $47.10 and a 12-month high of $80.30. The company has a market cap of $5.98 billion, a PE ratio of 27.10, a P/E/G ratio of 7.23 and a beta of 1.99. The company has a fifty day moving average price of $54.81 and a two-hundred day moving average price of $54.88.

Etsy (NASDAQ:ETSY - Get Free Report) last issued its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.54 by ($0.09). The firm had revenue of $662.40 million for the quarter, compared to analysts' expectations of $652.47 million. Etsy had a negative return on equity of 46.79% and a net margin of 9.17%. The firm's revenue for the quarter was up 4.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS. Equities research analysts anticipate that Etsy will post 2.25 earnings per share for the current fiscal year.

Etsy declared that its Board of Directors has approved a share buyback program on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the specialty retailer to buy up to 17.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Activity

In other Etsy news, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $52.50, for a total transaction of $39,375.00. Following the sale, the insider now directly owns 24,371 shares of the company's stock, valued at approximately $1,279,477.50. The trade was a 2.99 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.60% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Pacer Advisors Inc. raised its holdings in Etsy by 183.9% during the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer's stock valued at $331,067,000 after acquiring an additional 3,861,668 shares during the period. Assenagon Asset Management S.A. lifted its position in shares of Etsy by 132.9% in the fourth quarter. Assenagon Asset Management S.A. now owns 1,490,399 shares of the specialty retailer's stock worth $78,827,000 after buying an additional 850,520 shares in the last quarter. Marshall Wace LLP increased its stake in Etsy by 304.2% in the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer's stock worth $82,703,000 after acquiring an additional 1,055,296 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Etsy by 76.2% during the 2nd quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer's stock worth $69,685,000 after acquiring an additional 517,480 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund purchased a new position in shares of Etsy in the third quarter valued at $55,530,000. 99.53% of the stock is owned by institutional investors.

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.