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

Etsy (NASDAQ:ETSY) had its target price decreased by Jefferies Financial Group from $62.00 to $55.00 in a report published on Thursday morning,Benzinga reports. Jefferies Financial Group currently has a hold rating on the specialty retailer’s stock.

A number of other brokerages have also weighed in on ETSY. UBS Group boosted their price objective on shares of Etsy from $67.00 to $75.00 and gave the stock a “neutral” rating in a report on Monday, October 20th. The Goldman Sachs Group boosted their price target on Etsy from $48.00 to $57.00 and gave the stock a “sell” rating in a research note on Thursday, October 30th. Piper Sandler reaffirmed a “neutral” rating on shares of Etsy in a research report on Wednesday, October 29th. Morgan Stanley boosted their target price on Etsy from $61.00 to $65.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 29th. Finally, Stifel Nicolaus dropped their target price on shares of Etsy from $65.00 to $62.00 and set a “hold” rating on the stock in a report on Tuesday, January 27th. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eighteen have issued a Hold rating and three have issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $63.52.

Etsy Stock Performance

Shares of ETSY stock opened at $45.75 on Thursday. The company has a market capitalization of $4.52 billion, a price-to-earnings ratio of 36.89, a price-to-earnings-growth ratio of 10.65 and a beta of 1.77. Etsy has a one year low of $40.05 and a one year high of $76.51. The company’s 50-day moving average is $56.36 and its 200 day moving average is $59.88.

Etsy declared that its board has authorized a share buyback plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 14.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Etsy

In other Etsy news, insider Josh Silverman sold 21,666 shares of Etsy stock in a transaction that occurred on Monday, February 2nd. The shares were sold at an average price of $53.26, for a total transaction of $1,153,931.16. Following the transaction, the insider owned 90,661 shares of the company’s stock, valued at $4,828,604.86. The trade was a 19.29% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Merilee Buckley sold 5,636 shares of the company’s stock in a transaction dated Monday, January 5th. The stock was sold at an average price of $58.45, for a total value of $329,424.20. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 135,934 shares of company stock valued at $7,663,369 over the last three months. 2.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Etsy

Several hedge funds have recently modified their holdings of the stock. Holocene Advisors LP increased its holdings in Etsy by 697.4% in the 2nd quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock valued at $268,045,000 after acquiring an additional 4,673,615 shares during the last quarter. Lone Pine Capital LLC purchased a new position in shares of Etsy during the third quarter valued at about $257,614,000. Van ECK Associates Corp increased its holdings in shares of Etsy by 1.1% in the fourth quarter. Van ECK Associates Corp now owns 3,734,156 shares of the specialty retailer’s stock worth $207,022,000 after purchasing an additional 39,067 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Etsy by 62.3% in the second quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after buying an additional 1,416,772 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in Etsy by 3.8% during the fourth quarter. Assenagon Asset Management S.A. now owns 1,611,431 shares of the specialty retailer’s stock valued at $89,338,000 after buying an additional 59,123 shares during the last quarter. Hedge funds and other institutional investors own 99.53% of the company’s stock.

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.