Citigroup Issues Positive Forecast for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target lifted by investment analysts at Citigroup from $54.00 to $56.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a “neutral” rating on the specialty retailer’s stock. Citigroup’s price target indicates a potential downside of 0.35% from the company’s current price.

ETSY has been the topic of several other reports. Raymond James lowered their target price on Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 23rd. Wedbush reduced their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 22nd. Stifel Nicolaus reduced their price objective on shares of Etsy from $64.00 to $56.00 and set a “hold” rating for the company in a research note on Monday, October 28th. Morgan Stanley reduced their price objective on shares of Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a research note on Monday, January 13th. Finally, Barclays reduced their price objective on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. 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. According to data from MarketBeat.com, Etsy presently has an average rating of “Hold” and a consensus price target of $62.50.

Etsy Trading Up 1.6 %

NASDAQ ETSY traded up $0.88 during trading hours on Friday, hitting $56.20. 1,597,516 shares of the company’s stock traded hands, compared to its average volume of 2,699,754. Etsy has a 52 week low of $47.10 and a 52 week high of $78.65. The firm has a market capitalization of $6.32 billion, a P/E ratio of 28.62, a P/E/G ratio of 2.71 and a beta of 2.00. The business’s fifty day moving average price is $54.94 and its two-hundred day moving average price is $54.08.

Etsy declared that its Board of Directors has initiated a share repurchase program on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Etsy

In other news, insider Nicholas Daniel sold 1,500 shares of Etsy stock in a transaction that occurred on Monday, February 3rd. The shares were sold at an average price of $55.34, for a total value of $83,010.00. Following the transaction, the insider now owns 22,198 shares of the company’s stock, valued at $1,228,437.32. The trade was a 6.33 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.60% of the company’s stock.

Institutional Trading of Etsy

Several large investors have recently bought and sold shares of ETSY. Blue Trust Inc. grew its position in Etsy by 106.5% during the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the last quarter. Lindbrook Capital LLC grew its position in Etsy by 55.7% during the 4th 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. Hurley Capital LLC acquired a new stake in Etsy during the 4th quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Etsy during the 4th quarter valued at approximately $34,000. Finally, Summit Securities Group LLC acquired a new stake in Etsy during the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.