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

Etsy (NASDAQ:ETSY) had its target price lowered by research analysts at Jefferies Financial Group from $62.00 to $55.00 in a note issued to investors on Thursday,Benzinga reports. The firm presently has a “hold” rating on the specialty retailer’s stock. Jefferies Financial Group’s target price indicates a potential upside of 19.27% from the company’s current price.

Several other research firms also recently weighed in on ETSY. Wedbush dropped their target price on shares of Etsy from $72.00 to $66.00 and set a “neutral” rating for the company in a report on Friday, December 19th. Barclays raised their price objective on shares of Etsy from $60.00 to $62.00 and gave the stock an “equal weight” rating in a research note on Thursday, October 30th. BTIG Research reduced their target price on Etsy from $81.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, December 30th. Evercore cut Etsy from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 30th. Finally, Citigroup reissued a “buy” rating on shares of Etsy in a report on Tuesday, December 30th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $63.52.

Etsy Price Performance

Etsy stock traded down $1.35 during trading hours on Thursday, hitting $46.11. The stock had a trading volume of 5,324,678 shares, compared to its average volume of 3,536,947. Etsy has a 1-year low of $40.05 and a 1-year high of $76.51. The stock has a market capitalization of $4.55 billion, a price-to-earnings ratio of 37.19, a PEG ratio of 10.65 and a beta of 1.77. The stock’s fifty day moving average is $56.63 and its two-hundred day moving average is $60.10.

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

Insider Activity at Etsy

In other news, CAO Merilee Buckley sold 5,636 shares of the company’s stock in a transaction on Monday, January 5th. The stock was sold at an average price of $58.45, for a total transaction of $329,424.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Josh Silverman sold 86,666 shares of the stock in a transaction on Friday, January 2nd. The stock was sold at an average price of $57.46, for a total value of $4,979,828.36. Following the completion of the transaction, the insider directly owned 90,661 shares in the company, valued at $5,209,381.06. This trade represents a 48.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 135,934 shares of company stock valued at $7,663,369 in the last ninety days. 2.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds and other institutional investors have recently modified their holdings of ETSY. Allianz Asset Management GmbH increased its stake in Etsy by 1,648.1% during the third quarter. Allianz Asset Management GmbH now owns 706,679 shares of the specialty retailer’s stock valued at $46,916,000 after purchasing an additional 666,253 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in shares of Etsy by 90.4% in the 2nd quarter. Chicago Partners Investment Group LLC now owns 9,383 shares of the specialty retailer’s stock valued at $471,000 after buying an additional 4,455 shares during the period. Monaco Asset Management SAM bought a new stake in shares of Etsy during the 2nd quarter valued at about $1,254,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Etsy during the 2nd quarter valued at about $8,671,000. Finally, Great Lakes Advisors LLC acquired a new stake in Etsy during the third quarter worth about $1,889,000. 99.53% of the stock is owned by institutional investors and hedge funds.

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.