Etsy, Inc. (NASDAQ:ETSY) Shares Acquired by Blueshift Asset Management LLC

Blueshift Asset Management LLC increased its stake in shares of Etsy, Inc. (NASDAQ:ETSY) by 8.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,135 shares of the specialty retailer’s stock after buying an additional 551 shares during the quarter. Blueshift Asset Management LLC’s holdings in Etsy were worth $396,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in ETSY. B. Riley Wealth Advisors Inc. raised its stake in Etsy by 15.0% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,046 shares of the specialty retailer’s stock valued at $455,000 after acquiring an additional 921 shares in the last quarter. Tidal Investments LLC raised its stake in shares of Etsy by 353.2% during the first quarter. Tidal Investments LLC now owns 13,574 shares of the specialty retailer’s stock valued at $932,000 after purchasing an additional 10,579 shares in the last quarter. Comerica Bank lifted its holdings in Etsy by 3.1% in the first quarter. Comerica Bank now owns 24,146 shares of the specialty retailer’s stock worth $1,659,000 after purchasing an additional 722 shares during the period. Swedbank AB bought a new position in Etsy in the 1st quarter valued at about $931,000. Finally, PGGM Investments acquired a new position in Etsy during the 1st quarter valued at about $181,000. 99.53% of the stock is currently owned by institutional investors.

Etsy Stock Performance

Shares of ETSY opened at $54.31 on Friday. The firm has a market cap of $6.11 billion, a PE ratio of 27.71, a PEG ratio of 6.57 and a beta of 1.99. The firm’s 50 day moving average price is $52.02 and its 200 day moving average price is $56.47. Etsy, Inc. has a twelve month low of $47.10 and a twelve month high of $89.58.

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

Etsy announced that its Board of Directors has authorized a stock repurchase 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 stock through open market purchases. Stock buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ETSY. The Goldman Sachs Group lowered shares of Etsy from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Cantor Fitzgerald reaffirmed a “neutral” rating and set a $50.00 price target on shares of Etsy in a research note on Monday, October 7th. UBS Group dropped their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 15th. Moffett Nathanson raised their target price on Etsy from $60.00 to $61.00 and gave the company a “neutral” rating in a research note on Tuesday. Finally, Bank of America decreased their price target on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating on the stock in a research report on Thursday, October 24th. Four research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $64.71.

Insiders Place Their Bets

In other news, CAO Merilee Buckley sold 1,676 shares of Etsy stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total value of $85,660.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Toni Thompson Nadal sold 1,443 shares of the company’s stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total transaction of $73,751.73. Following the sale, the insider now directly owns 592 shares of the company’s stock, valued at approximately $30,257.12. This represents a 70.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 5,819 shares of company stock valued at $303,438 over the last quarter. Insiders own 2.60% of the company’s stock.

Etsy Company 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.