Janus Henderson Group PLC Acquires 34,991 Shares of Etsy, Inc. (NASDAQ:ETSY)

Janus Henderson Group PLC grew its stake in Etsy, Inc. (NASDAQ:ETSY) by 7.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 482,262 shares of the specialty retailer’s stock after acquiring an additional 34,991 shares during the period. Janus Henderson Group PLC’s holdings in Etsy were worth $26,780,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Blue Trust Inc. grew its stake in Etsy by 106.5% in the third quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock valued at $26,000 after purchasing an additional 231 shares in the last quarter. UMB Bank n.a. boosted its holdings in shares of Etsy by 112.3% in the 3rd 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. 1620 Investment Advisors Inc. bought a new position in shares of Etsy in the second quarter valued at $42,000. Capital Performance Advisors LLP acquired a new position in Etsy during the third quarter worth $43,000. Finally, Prospera Private Wealth LLC bought a new stake in Etsy during the third quarter worth $59,000. Institutional investors and hedge funds own 99.53% of the company’s stock.

Etsy Price Performance

Shares of NASDAQ:ETSY opened at $57.30 on Friday. The company has a market capitalization of $6.45 billion, a P/E ratio of 29.23, a P/E/G ratio of 6.75 and a beta of 1.99. The business’s 50 day simple moving average is $52.22 and its 200 day simple moving average is $56.17. Etsy, Inc. has a 1 year low of $47.10 and a 1 year high of $89.58.

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

Etsy declared that its Board of Directors has approved a stock buyback program 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 shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Etsy from $48.00 to $50.00 and gave the company a “hold” rating in a research report on Friday, November 1st. Wedbush lowered their price target on Etsy from $65.00 to $58.00 and set a “neutral” rating on the stock in a research report on Tuesday, October 22nd. 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. Piper Sandler reiterated a “neutral” rating and set a $56.00 target price on shares of Etsy in a research note on Friday, August 23rd. Finally, The Goldman Sachs Group lowered Etsy from a “neutral” rating to a “sell” rating and decreased their target price for the stock from $70.00 to $45.00 in a report on Tuesday, October 15th. Four equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Etsy has a consensus rating of “Hold” and an average price target of $64.71.

Insider Activity

In related news, insider Toni Thompson Nadal sold 1,443 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 $73,751.73. Following the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 70.91 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $53.15, for a total value of $39,862.50. Following the sale, the insider now owns 25,121 shares of the company’s stock, valued at $1,335,181.15. The trade was a 2.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 5,069 shares of company stock worth $261,888. 2.60% of the stock is currently owned by corporate insiders.

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.