Etsy, Inc. (NASDAQ:ETSY) Insider Nicholas Daniel Sells 1,500 Shares

Etsy, Inc. (NASDAQ:ETSY) insider Nicholas Daniel sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 3rd. The stock was sold at an average price of $55.34, for a total transaction of $83,010.00. Following the transaction, the insider now directly owns 22,198 shares in the company, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website.

Etsy Trading Down 1.6 %

NASDAQ:ETSY opened at $53.96 on Wednesday. The stock’s 50-day moving average is $55.17 and its 200-day moving average is $54.31. The stock has a market cap of $6.07 billion, a P/E ratio of 27.53, a price-to-earnings-growth ratio of 2.69 and a beta of 2.00. Etsy, Inc. has a 1-year low of $47.10 and a 1-year high of $80.30.

Etsy declared that its board has initiated a stock buyback plan on Wednesday, October 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the specialty retailer to reacquire up to 17.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its shares are undervalued.

Hedge Funds Weigh In On Etsy

A number of hedge funds have recently modified their holdings of the business. Blue Trust Inc. increased its holdings in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares during the period. UMB Bank n.a. increased its stake in shares of Etsy by 112.3% in the third quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock valued at $31,000 after buying an additional 292 shares during the period. Kestra Investment Management LLC bought a new position in shares of Etsy during the fourth quarter worth about $38,000. Capital Performance Advisors LLP acquired a new position in shares of Etsy in the third quarter worth approximately $43,000. Finally, Versant Capital Management Inc boosted its holdings in Etsy by 153.1% in the fourth quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock valued at $44,000 after acquiring an additional 499 shares during the last quarter. Institutional investors and hedge funds own 99.53% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on ETSY shares. Raymond James lowered their target price on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a report on Wednesday, October 23rd. Morgan Stanley dropped their price objective on Etsy from $47.00 to $45.00 and set an “underweight” rating for the company in a report on Monday, January 13th. Deutsche Bank Aktiengesellschaft increased their target price on Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a report on Friday, November 1st. Wedbush cut their price objective on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research report on Tuesday, October 22nd. Finally, Moffett Nathanson raised their target price on shares of Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Four analysts have rated the stock with a sell rating, fourteen have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $62.42.

About Etsy

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.