Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Penserra Capital Management LLC

Penserra Capital Management LLC lowered its position in Etsy, Inc. (NASDAQ:ETSY) by 18.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 48,206 shares of the specialty retailer’s stock after selling 11,112 shares during the period. Penserra Capital Management LLC’s holdings in Etsy were worth $2,676,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Blue Trust Inc. raised its holdings in Etsy by 106.5% in the 3rd quarter. Blue Trust Inc. now owns 448 shares of the specialty retailer’s stock worth $26,000 after purchasing an additional 231 shares during the period. UMB Bank n.a. increased its position in shares of Etsy by 112.3% in the third 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 in the last quarter. 1620 Investment Advisors Inc. acquired a new position in shares of Etsy during the 2nd quarter worth approximately $42,000. Capital Performance Advisors LLP purchased a new position in shares of Etsy during the 3rd quarter valued at approximately $43,000. Finally, Prospera Private Wealth LLC purchased a new position in Etsy during the third quarter valued at $59,000. 99.53% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Bank of America cut their target price on shares of Etsy from $61.00 to $58.00 and set a “neutral” rating for the company in a research note on Thursday, October 24th. Citigroup reduced their target price on Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a report on Thursday, October 31st. Piper Sandler reaffirmed a “neutral” rating and issued a $56.00 price target on shares of Etsy in a research note on Friday, August 23rd. UBS Group reduced their price objective on Etsy from $65.00 to $58.00 and set a “neutral” rating for the company in a research note on Tuesday, October 15th. Finally, Oppenheimer cut shares of Etsy from an “outperform” rating to a “market perform” rating in a research note on Thursday, August 1st. Four equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $64.87.

Insider Activity

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

Etsy Stock Up 6.5 %

NASDAQ:ETSY opened at $55.68 on Tuesday. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58. The stock’s fifty day moving average is $52.00 and its two-hundred day moving average is $56.54. The stock has a market capitalization of $6.26 billion, a price-to-earnings ratio of 28.41, a price-to-earnings-growth ratio of 6.17 and a beta of 1.99.

Etsy (NASDAQ:ETSY) last released its earnings results on Wednesday, October 30th. The specialty retailer reported $0.45 earnings per share 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 in the prior year, the firm earned $0.64 earnings per share. The business’s revenue was up 4.1% compared to the same quarter last year. On average, sell-side analysts expect that Etsy, Inc. will post 2.25 EPS for the current fiscal year.

Etsy announced that its Board of Directors has initiated a share 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 purchase up to 17.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.