Etsy (NYSE:ETSY) Given New $80.00 Price Target at Jefferies Financial Group

Key Points

• Jefferies Financial Group raised its price target on Etsy from $62 to $80 while keeping a hold rating. That target is just below the stock’s recent trading price, implying little downside.
• Other analysts remain mixed on Etsy, with recent changes including upgrades and downgrades from firms like Argus, Susquehanna, and Arete Research. Overall, MarketBeat shows a consensus hold rating and a $72.80 average price target.
• Etsy shares were trading around $80.55 and are near their 52-week high, while insider selling has been notable. CEO Josh Silverman sold more than 134,000 shares in early June, and insiders sold over 744,000 shares in the past three months.

Etsy (NYSE:ETSY - Get Free Report) had its target price boosted by analysts at Jefferies Financial Group from $62.00 to $80.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "hold" rating on the stock. Jefferies Financial Group's price objective indicates a potential downside of 0.68% from the stock's current price.

Several other research firms have also weighed in on ETSY. Susquehanna lowered shares of Etsy to a "neutral" rating in a research note on Thursday, May 21st. Arete Research set a $76.00 target price on shares of Etsy and gave the company a "buy" rating in a research note on Wednesday, May 20th. Argus upgraded shares of Etsy from a "hold" rating to a "buy" rating and set a $67.00 target price on the stock in a report on Thursday, May 21st. Sanford C. Bernstein increased their target price on shares of Etsy from $60.00 to $65.00 and gave the stock a "market perform" rating in a report on Thursday, April 30th. Finally, Weiss Ratings raised shares of Etsy from a "hold (c-)" rating to a "hold (c)" rating in a research report on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, eighteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Etsy has a consensus rating of "Hold" and a consensus price target of $72.80.

Etsy Trading Down 0.6%

Etsy stock opened at $80.55 on Tuesday. The firm has a market capitalization of $7.64 billion, a P/E ratio of 33.56, a PEG ratio of 3.37 and a beta of 1.83. Etsy has a 1 year low of $44.00 and a 1 year high of $81.92. The business has a 50-day moving average of $69.12 and a 200-day moving average of $60.44.

Insider Activity

In related news, insider Josh Silverman sold 134,730 shares of the stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $68.89, for a total transaction of $9,281,549.70. Following the completion of the sale, the insider directly owned 130,694 shares of the company's stock, valued at approximately $9,003,509.66. This represents a 50.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 744,447 shares of company stock valued at $52,139,342. 2.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in ETSY. Renaissance Technologies LLC raised its holdings in shares of Etsy by 11.1% during the first quarter. Renaissance Technologies LLC now owns 5,962,210 shares of the company's stock worth $297,991,000 after acquiring an additional 594,768 shares during the period. AQR Capital Management LLC boosted its stake in Etsy by 40.1% in the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the company's stock worth $227,785,000 after purchasing an additional 1,177,301 shares during the period. Lone Pine Capital LLC bought a new position in Etsy during the 3rd quarter worth about $257,614,000. Van ECK Associates Corp increased its holdings in Etsy by 1.1% during the 4th quarter. Van ECK Associates Corp now owns 3,734,156 shares of the company's stock worth $207,022,000 after purchasing an additional 39,067 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Etsy by 51.4% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,278,123 shares of the company's stock worth $163,841,000 after purchasing an additional 1,112,520 shares in the last quarter. Institutional investors and hedge funds own 99.53% of the company's stock.

About Etsy

Etsy, Inc operates two-sided online marketplaces that connect buyers and sellers primarily in the United States, the United Kingdom, Germany, Canada, Australia, France, and India. 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. In addition, it offers various seller services, including Etsy Payments, a payment processing service; Etsy Ads, an advertising platform; and Shipping Labels, which allows sellers in the United States, Canada, the United Kingdom, Australia, and India to purchase discounted shipping labels.

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