Charles Andrew Ballard Sells 1,790 Shares of Etsy (NASDAQ:ETSY) Stock

by · The Markets Daily

Etsy, Inc. (NASDAQ:ETSY – Get Free Report) Director Charles Andrew Ballard sold 1,790 shares of Etsy stock in a transaction on Wednesday, March 4th. The shares were sold at an average price of $55.74, for a total value of $99,774.60. Following the sale, the director directly owned 4,006 shares of the company’s stock, valued at $223,294.44. This represents a 30.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Etsy Stock Performance

NASDAQ:ETSY traded up $1.05 during mid-day trading on Thursday, reaching $56.70. The stock had a trading volume of 3,602,597 shares, compared to its average volume of 4,050,637. The stock has a market capitalization of $5.46 billion, a P/E ratio of 45.73, a P/E/G ratio of 10.65 and a beta of 1.74. The firm has a 50 day moving average price of $55.62 and a two-hundred day moving average price of $58.94. Etsy, Inc. has a one year low of $40.05 and a one year high of $76.51.

Etsy declared that its Board of Directors has initiated a share buyback plan on Thursday, December 18th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the specialty retailer to purchase up to 14.2% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on ETSY shares. Truist Financial lifted their price target on shares of Etsy from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, February 20th. Jefferies Financial Group reduced their price objective on Etsy from $62.00 to $55.00 and set a “hold” rating for the company in a research report on Thursday, February 12th. BNP Paribas Exane started coverage on Etsy in a research note on Monday, November 24th. They set a “neutral” rating for the company. Morgan Stanley dropped their target price on Etsy from $65.00 to $60.00 and set an “equal weight” rating on the stock in a report on Friday, February 20th. Finally, Wells Fargo & Company dropped their price target on shares of Etsy from $52.00 to $47.00 and set an “underweight” rating on the stock in a research note on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, eighteen have given a Hold rating and three have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $60.40.

Get Our Latest Report on ETSY

Institutional Investors Weigh In On Etsy

A number of hedge funds have recently modified their holdings of the business. Holocene Advisors LP lifted its position in Etsy by 697.4% in the second quarter. Holocene Advisors LP now owns 5,343,797 shares of the specialty retailer’s stock worth $268,045,000 after buying an additional 4,673,615 shares during the last quarter. Lone Pine Capital LLC purchased a new stake in shares of Etsy in the third quarter valued at $257,614,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Etsy by 62.3% in the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 3,692,134 shares of the specialty retailer’s stock worth $185,197,000 after acquiring an additional 1,416,772 shares during the last quarter. Norges Bank purchased a new position in shares of Etsy during the 2nd quarter worth about $65,207,000. Finally, AQR Capital Management LLC grew its holdings in Etsy by 40.1% during the 4th quarter. AQR Capital Management LLC now owns 4,111,639 shares of the specialty retailer’s stock valued at $227,785,000 after purchasing an additional 1,177,301 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

About Etsy

(Get Free Report)

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.

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