Etsy, Inc. (NASDAQ:ETSY) Shares Sold by Swiss National Bank

Swiss National Bank trimmed its holdings in Etsy, Inc. (NASDAQ:ETSY) by 34.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 228,700 shares of the specialty retailer’s stock after selling 122,600 shares during the period. Swiss National Bank owned about 0.20% of Etsy worth $12,700,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Blue Trust Inc. raised its holdings 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 acquiring an additional 231 shares in the last quarter. UMB Bank n.a. increased its position 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 worth $31,000 after purchasing an additional 292 shares during the last quarter. 1620 Investment Advisors Inc. acquired a new stake in shares of Etsy in the 2nd quarter valued at about $42,000. Capital Performance Advisors LLP bought a new position in shares of Etsy during the third quarter worth about $43,000. Finally, GAMMA Investing LLC grew its stake in Etsy by 25.6% in the second quarter. GAMMA Investing LLC now owns 1,241 shares of the specialty retailer’s stock worth $73,000 after purchasing an additional 253 shares in the last quarter. 99.53% of the stock is currently owned by hedge funds and other institutional investors.

Etsy Trading Up 0.6 %

ETSY stock opened at $52.30 on Friday. The firm’s 50-day moving average is $51.96 and its two-hundred day moving average is $56.64. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of 26.68, a price-to-earnings-growth ratio of 6.14 and a beta of 1.99. Etsy, Inc. has a 52 week low of $47.10 and a 52 week high of $89.58.

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 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 firm had revenue of $662.40 million during the quarter, compared to analyst estimates of $652.47 million. During the same quarter last year, the company earned $0.64 earnings per share. The business’s revenue for the quarter was up 4.1% on a year-over-year basis. On average, equities research analysts predict that Etsy, Inc. will post 2.25 earnings per share for the current year.

Etsy announced that its Board of Directors has approved a stock repurchase plan on Wednesday, October 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the specialty retailer to repurchase up to 17.8% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Etsy

In other Etsy 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 the SEC website. Also, insider Toni Thompson Nadal sold 1,443 shares of the 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 sale, the insider now owns 592 shares of the company’s stock, valued at $30,257.12. This trade represents a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 5,819 shares of company stock valued at $303,438 over the last 90 days. 2.60% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on ETSY shares. Evercore ISI upgraded Etsy to a “strong-buy” rating in a research note on Thursday, August 1st. The Goldman Sachs Group cut Etsy from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $70.00 to $45.00 in a research note on Tuesday, October 15th. Citigroup lowered their target price on shares of Etsy from $65.00 to $54.00 and set a “neutral” rating for the company in a research note on Thursday, October 31st. Barclays reduced their price target on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 31st. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $60.00 price objective on shares of Etsy in a research report on Thursday, October 31st. Four investment analysts have rated the stock with a sell rating, twelve have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Etsy currently has an average rating of “Hold” and an average price target of $64.87.

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.