Two Sigma Advisers LP Boosts Stake in Etsy, Inc. (NASDAQ:ETSY)

Two Sigma Advisers LP boosted its stake in Etsy, Inc. (NASDAQ:ETSY) by 558.7% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 216,700 shares of the specialty retailer’s stock after purchasing an additional 183,800 shares during the period. Two Sigma Advisers LP owned about 0.19% of Etsy worth $12,033,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ETSY. Pacer Advisors Inc. grew its stake in shares of Etsy by 183.9% in the third quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock valued at $331,067,000 after buying an additional 3,861,668 shares in the last quarter. Marshall Wace LLP lifted its stake in Etsy by 304.2% during the 2nd quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock worth $82,703,000 after acquiring an additional 1,055,296 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in Etsy during the 3rd quarter valued at about $55,530,000. Holocene Advisors LP acquired a new position in Etsy in the 3rd quarter valued at about $49,061,000. Finally, Renaissance Technologies LLC increased its stake in Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock worth $248,623,000 after purchasing an additional 734,200 shares during the period. Hedge funds and other institutional investors own 99.53% of the company’s stock.

Etsy Stock Performance

Etsy stock opened at $58.75 on Tuesday. The company has a market capitalization of $6.61 billion, a P/E ratio of 29.97, a PEG ratio of 6.76 and a beta of 1.99. Etsy, Inc. has a fifty-two week low of $47.10 and a fifty-two week high of $89.58. The stock has a 50-day simple moving average of $52.29 and a 200-day simple moving average of $56.03.

Etsy (NASDAQ:ETSY) last issued its quarterly earnings data 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 firm had revenue of $662.40 million during the quarter, compared to analysts’ expectations of $652.47 million. Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. Etsy’s quarterly revenue was up 4.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.64 EPS. As a group, analysts forecast that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy declared that its board has authorized a share repurchase plan on Wednesday, October 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the specialty retailer to repurchase up to 17.8% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Etsy from $47.00 to $44.00 and set an “underweight” rating for the company in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Etsy from $48.00 to $50.00 and gave the stock a “hold” rating in a research note on Friday, November 1st. Citigroup reduced their price objective on Etsy from $65.00 to $54.00 and set a “neutral” rating on the stock in a research note on Thursday, October 31st. Barclays lowered their target price on Etsy from $60.00 to $55.00 and set an “equal weight” rating for the company in a research note on Thursday, October 31st. Finally, UBS Group reduced 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 15th. Four equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $64.71.

Insider Activity at Etsy

In other Etsy news, insider Toni Thompson Nadal sold 1,443 shares of Etsy stock in a transaction 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 in the company, valued at approximately $30,257.12. The trade was a 70.91 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Merilee Buckley sold 1,676 shares of the firm’s stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $51.11, for a total value of $85,660.36. The disclosure for this sale can be found here. Insiders sold a total of 5,069 shares of company stock worth $261,888 in the last 90 days. 2.60% of the stock is owned by 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.