Stifel Financial Corp Cuts Position in Etsy, Inc. (NASDAQ:ETSY)

Stifel Financial Corp lowered its holdings in shares of Etsy, Inc. (NASDAQ:ETSY) by 19.6% during the third quarter, HoldingsChannel.com reports. The firm owned 82,574 shares of the specialty retailer’s stock after selling 20,112 shares during the period. Stifel Financial Corp’s holdings in Etsy were worth $4,585,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. Pacer Advisors Inc. raised its stake in shares of Etsy by 183.9% during the 3rd quarter. Pacer Advisors Inc. now owns 5,961,952 shares of the specialty retailer’s stock worth $331,067,000 after buying an additional 3,861,668 shares during the period. Van ECK Associates Corp raised its position in Etsy by 14.3% during the second quarter. Van ECK Associates Corp now owns 5,764,064 shares of the specialty retailer’s stock worth $339,964,000 after acquiring an additional 721,454 shares during the period. Renaissance Technologies LLC lifted its holdings in Etsy by 21.1% during the second quarter. Renaissance Technologies LLC now owns 4,215,370 shares of the specialty retailer’s stock valued at $248,623,000 after purchasing an additional 734,200 shares in the last quarter. Marshall Wace LLP grew its position in shares of Etsy by 304.2% in the second quarter. Marshall Wace LLP now owns 1,402,216 shares of the specialty retailer’s stock valued at $82,703,000 after purchasing an additional 1,055,296 shares during the period. Finally, AQR Capital Management LLC increased its stake in shares of Etsy by 76.2% during the second quarter. AQR Capital Management LLC now owns 1,196,932 shares of the specialty retailer’s stock worth $69,685,000 after purchasing an additional 517,480 shares in the last quarter. 99.53% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Etsy

In related news, insider Nicholas Daniel sold 750 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $52.50, for a total transaction of $39,375.00. Following the sale, the insider now directly owns 24,371 shares of the company’s stock, valued at $1,279,477.50. This represents a 2.99 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Toni Thompson Nadal sold 1,443 shares of the firm’s stock in a transaction that occurred on Thursday, October 3rd. The shares were sold at an average price of $51.11, for a total transaction of $73,751.73. Following the completion of the transaction, the insider now directly owns 592 shares of the company’s stock, valued at $30,257.12. This represents a 70.91 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 5,069 shares of company stock valued at $261,888 over the last quarter. 2.60% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ETSY shares. 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 note on Thursday, October 24th. Truist Financial lowered their price target on Etsy from $76.00 to $70.00 and set a “buy” rating on the stock in a research note on Thursday, October 31st. Piper Sandler reissued a “neutral” rating and issued a $56.00 price objective on shares of Etsy in a research note on Friday, August 23rd. Barclays lowered their target price on shares of Etsy from $60.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Thursday, October 31st. Finally, The Goldman Sachs Group cut shares of Etsy from a “neutral” rating to a “sell” rating and reduced their target price for the company from $70.00 to $45.00 in a research report on Tuesday, October 15th. Four research analysts have rated the stock with a sell rating, thirteen have given a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $63.17.

Etsy Trading Up 0.7 %

Shares of NASDAQ:ETSY opened at $58.98 on Monday. The company has a market capitalization of $6.63 billion, a price-to-earnings ratio of 30.09, a PEG ratio of 6.96 and a beta of 1.99. Etsy, Inc. has a 12-month low of $47.10 and a 12-month high of $89.58. The business has a 50-day moving average price of $52.83 and a 200 day moving average price of $55.98.

Etsy (NASDAQ:ETSY) last announced 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). Etsy had a net margin of 9.17% and a negative return on equity of 46.79%. The company had revenue of $662.40 million for the quarter, compared to analyst estimates of $652.47 million. During the same quarter in the prior year, the business earned $0.64 earnings per share. Etsy’s revenue was up 4.1% on a year-over-year basis. As a group, equities research analysts predict that Etsy, Inc. will post 2.25 earnings per share for the current fiscal year.

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

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.