Brokerages Set Etsy, Inc. (NASDAQ:ETSY) Price Target at $63.17

Shares of Etsy, Inc. (NASDAQ:ETSY - Get Free Report) have received an average rating of "Hold" from the twenty-five brokerages that are currently covering the company, MarketBeat Ratings reports. Four equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among analysts that have issued ratings on the stock in the last year is $63.17.

Several research firms recently issued reports on ETSY. Citigroup dropped their price target on shares of Etsy from $65.00 to $54.00 and set a "neutral" rating for the company in a research report on Thursday, October 31st. Truist Financial decreased their price target on Etsy from $76.00 to $70.00 and set a "buy" rating on the stock in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft increased their price objective on Etsy from $48.00 to $50.00 and gave the stock a "hold" rating in a research note on Friday, November 1st. JMP Securities restated a "market perform" rating on shares of Etsy in a research note on Monday, December 16th. Finally, Cantor Fitzgerald reiterated a "neutral" rating and set a $50.00 target price on shares of Etsy in a research report on Monday, October 7th.

Insider Activity at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the company's stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $53.15, for a total value of $39,862.50. Following the completion of the sale, the insider now owns 25,121 shares in the company, valued at $1,335,181.15. This represents a 2.90 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders have sold 5,069 shares of company stock worth $261,888 over the last ninety days. Company insiders own 2.60% of the company's stock.

Hedge Funds Weigh In On Etsy

A number of large investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer's stock valued at $26,000 after purchasing an additional 231 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer's stock worth $31,000 after buying an additional 292 shares during the last quarter. Capital Performance Advisors LLP bought a new position in shares of Etsy in the 3rd quarter valued at about $43,000. Prospera Private Wealth LLC acquired a new stake in shares of Etsy in the third quarter valued at about $59,000. Finally, Denver PWM LLC bought a new stake in Etsy during the second quarter worth about $82,000. Institutional investors own 99.53% of the company's stock.

Etsy Stock Performance

Shares of NASDAQ:ETSY traded down $0.31 during trading on Wednesday, hitting $55.13. 1,318,281 shares of the stock were exchanged, compared to its average volume of 3,778,057. The company has a market capitalization of $6.20 billion, a price-to-earnings ratio of 28.13, a price-to-earnings-growth ratio of 6.96 and a beta of 1.99. Etsy has a 1-year low of $47.10 and a 1-year high of $85.22. The company's fifty day simple moving average is $53.90 and its 200-day simple moving average is $55.64.

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

Etsy announced that its board has authorized a share buyback program on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to purchase up to 17.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

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.