Jefferies Financial Group Has Lowered Expectations for Etsy (NASDAQ:ETSY) Stock Price

Etsy (NASDAQ:ETSY) had its price target cut by investment analysts at Jefferies Financial Group from $62.00 to $55.00 in a report released on Thursday,Benzinga reports. The firm currently has a “hold” rating on the specialty retailer’s stock. Jefferies Financial Group’s price target would indicate a potential upside of 20.23% from the company’s current price.

Other research analysts also recently issued research reports about the company. Raymond James Financial reiterated an “outperform” rating and set a $78.00 price target (down previously from $80.00) on shares of Etsy in a report on Thursday, October 30th. Needham & Company LLC raised their price objective on Etsy from $72.00 to $76.00 and gave the stock a “buy” rating in a research report on Thursday, October 30th. BNP Paribas Exane began coverage on Etsy in a research note on Monday, November 24th. They set a “neutral” rating on the stock. UBS Group upped their target price on Etsy from $67.00 to $75.00 and gave the company a “neutral” rating in a report on Monday, October 20th. Finally, Stifel Nicolaus reduced their price target on shares of Etsy from $65.00 to $62.00 and set a “hold” rating for the company in a research 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 assigned a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat, Etsy currently has an average rating of “Hold” and an average target price of $63.52.

Etsy Stock Performance

NASDAQ ETSY opened at $45.75 on Thursday. The firm’s 50 day moving average price is $56.36 and its two-hundred day moving average price is $59.88. Etsy has a twelve month low of $40.05 and a twelve month high of $76.51. The stock has a market cap of $4.52 billion, a price-to-earnings ratio of 36.89, a PEG ratio of 10.65 and a beta of 1.77.

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

Insider Buying and Selling at Etsy

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

Institutional Trading of Etsy

Several large investors have recently made changes to their positions in ETSY. Heritage Wealth Advisors increased its position in Etsy by 476.5% during the second quarter. Heritage Wealth Advisors now owns 490 shares of the specialty retailer’s stock worth $25,000 after acquiring an additional 405 shares during the period. Elevation Point Wealth Partners LLC bought a new position in shares of Etsy during the 2nd quarter worth about $35,000. Employees Retirement System of Texas acquired a new stake in shares of Etsy during the 2nd quarter valued at about $47,000. SJS Investment Consulting Inc. increased its stake in Etsy by 12,600.0% in the third quarter. SJS Investment Consulting Inc. now owns 762 shares of the specialty retailer’s stock valued at $51,000 after acquiring an additional 756 shares during the period. Finally, Abich Financial Wealth Management LLC bought a new stake in Etsy in the third quarter valued at about $51,000. Institutional investors own 99.53% of the company’s stock.

Etsy Company Profile

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.