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

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

A number of other equities research analysts have also issued reports on ETSY. Barclays dropped their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a report on Thursday, October 31st. Wedbush dropped their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a report on Tuesday, October 22nd. Needham & Company LLC reiterated a “buy” rating and issued a $60.00 price objective on shares of Etsy in a report on Thursday, October 31st. Stifel Nicolaus dropped their price target on Etsy from $64.00 to $56.00 and set a “hold” rating on the stock in a research note on Monday, October 28th. Finally, Bank of America dropped their price target on Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research note on Thursday, October 24th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $62.50.

Etsy Trading Up 1.6 %

NASDAQ:ETSY traded up $0.88 during trading hours on Friday, reaching $56.20. 1,597,516 shares of the company were exchanged, compared to its average volume of 2,699,754. The stock’s 50-day moving average is $54.94 and its 200-day moving average is $54.08. The firm has a market cap of $6.32 billion, a PE ratio of 28.62, a price-to-earnings-growth ratio of 2.71 and a beta of 2.00. Etsy has a twelve month low of $47.10 and a twelve month high of $78.65.

Etsy declared that its board has approved a stock buyback program on Wednesday, October 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the specialty retailer to reacquire up to 17.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

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

Hedge Funds Weigh In On Etsy

Institutional investors have recently made changes to their positions in the stock. Syon Capital LLC acquired a new position in shares of Etsy during the fourth quarter worth approximately $215,000. Long Focus Capital Management LLC acquired a new stake in Etsy in the fourth quarter worth approximately $14,814,000. Price T Rowe Associates Inc. MD lifted its position in Etsy by 14.1% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 71,437 shares of the specialty retailer’s stock worth $3,779,000 after purchasing an additional 8,804 shares during the period. State of Tennessee Department of Treasury lifted its position in Etsy by 15.9% in the fourth quarter. State of Tennessee Department of Treasury now owns 53,597 shares of the specialty retailer’s stock worth $2,835,000 after purchasing an additional 7,338 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in Etsy by 941.6% in the fourth quarter. Tower Research Capital LLC TRC now owns 9,229 shares of the specialty retailer’s stock worth $488,000 after purchasing an additional 8,343 shares during the period. 99.53% of the stock is owned by institutional investors.

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.