Algert Global LLC Invests $5.46 Million in Etsy, Inc. (NASDAQ:ETSY)

Algert Global LLC bought a new stake in Etsy, Inc. (NASDAQ:ETSY) during the third quarter, according to its most recent filing with the SEC. The firm bought 98,237 shares of the specialty retailer’s stock, valued at approximately $5,455,000.

Several other institutional investors have also recently bought and sold shares of ETSY. Blue Trust Inc. lifted its holdings in shares of Etsy by 106.5% during the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after buying an additional 231 shares during the last quarter. Meridian Management Co. boosted its holdings in Etsy by 0.4% in the 2nd quarter. Meridian Management Co. now owns 63,409 shares of the specialty retailer’s stock valued at $3,740,000 after purchasing an additional 241 shares during the period. GAMMA Investing LLC grew its position in Etsy by 25.6% in the 2nd quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares during the last quarter. UMB Bank n.a. increased its holdings in shares of Etsy by 112.3% during the 3rd quarter. UMB Bank n.a. now owns 552 shares of the specialty retailer’s stock worth $31,000 after purchasing an additional 292 shares during the period. Finally, Nisa Investment Advisors LLC raised its position in shares of Etsy by 3.7% during the second quarter. Nisa Investment Advisors LLC now owns 8,915 shares of the specialty retailer’s stock valued at $526,000 after buying an additional 316 shares during the last quarter. Institutional investors own 99.53% of the company’s stock.

Analyst Ratings Changes

ETSY has been the topic of several research reports. Loop Capital lowered their price target on Etsy from $50.00 to $45.00 and set a “sell” rating on the stock in a research note on Monday, August 12th. Wells Fargo & Company cut their target price on Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Raymond James decreased their price target on shares of Etsy from $72.00 to $65.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 23rd. Evercore ISI raised shares of Etsy to a “strong-buy” rating in a report on Thursday, August 1st. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price objective on shares of Etsy in a report on Monday, October 7th. Four research analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $64.87.

Etsy Price Performance

ETSY opened at $52.30 on Monday. The company’s 50 day simple moving average is $51.96 and its 200-day simple moving average is $56.60. Etsy, Inc. has a one year low of $47.10 and a one year high of $89.58. The stock has a market capitalization of $5.88 billion, a P/E ratio of 26.68, a price-to-earnings-growth ratio of 6.14 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 EPS for the quarter, missing the consensus estimate of $0.54 by ($0.09). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same period last year, the business posted $0.64 earnings per share. The firm’s quarterly revenue was up 4.1% on a year-over-year basis. As a group, analysts anticipate that Etsy, Inc. will post 2.25 EPS for the current year.

Etsy announced that its Board of Directors has approved a share repurchase 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 shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Etsy

In other news, CAO Merilee Buckley sold 1,676 shares of the stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Nicholas Daniel sold 750 shares of Etsy stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $55.40, for a total value of $41,550.00. Following the sale, the insider now directly owns 18,083 shares of the company’s stock, valued at approximately $1,001,798.20. This trade represents a 3.98 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 5,819 shares of company stock worth $303,438. Company insiders own 2.60% of the company’s stock.

Etsy Profile

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.