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

Etsy, Inc. (NASDAQ:ETSY) insider Nicholas Daniel sold 1,500 shares of the stock in a transaction 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 completion of the sale, the insider now owns 22,198 shares of the company’s stock, valued at approximately $1,228,437.32. This represents a 6.33 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link.

Etsy Stock Performance

Etsy stock opened at $55.26 on Thursday. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $80.30. The firm’s 50-day moving average is $55.19 and its 200-day moving average is $54.32. The company has a market cap of $6.22 billion, a P/E ratio of 28.19, a PEG ratio of 2.69 and a beta of 2.00.

Etsy declared that its Board of Directors has approved a share buyback plan on Wednesday, October 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the specialty retailer to purchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on ETSY. Bank of America lowered their target price on Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Jefferies Financial Group raised shares of Etsy from an “underperform” rating to a “hold” rating and increased their price objective for the company from $45.00 to $55.00 in a research report on Monday, January 13th. Wells Fargo & Company reduced their target price on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating on the stock in a research report on Friday, November 1st. Wedbush lowered their price target on shares of Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a report on Tuesday, October 22nd. Finally, JMP Securities reiterated a “market perform” rating on shares of Etsy in a report on Monday, December 16th. Four analysts have rated the stock with a sell rating, fourteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Etsy currently has an average rating of “Hold” and a consensus target price of $62.42.

Hedge Funds Weigh In On Etsy

Several institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. boosted its position in Etsy by 106.5% during the 3rd 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. lifted its stake in 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 last quarter. Kestra Investment Management LLC acquired a new position in shares of Etsy during the fourth quarter valued at $38,000. Capital Performance Advisors LLP bought a new position in shares of Etsy during the third quarter worth about $43,000. Finally, Versant Capital Management Inc increased its holdings in shares of Etsy by 153.1% in the 4th quarter. Versant Capital Management Inc now owns 825 shares of the specialty retailer’s stock worth $44,000 after acquiring an additional 499 shares during the period. 99.53% of the stock is owned by institutional investors.

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.